Rising interest rates means that borrowing cost would go up. Companies which are most negatively affected would this be those with high leverages/large amounts of debt. As interest rate rises, the cost of holding on to their debt would increase, thus reducing their profit margins. 

Another thing to consider with rising interest rates would be that of reduced propensity (on the part of investors) to invest (due to the increased propensity to save with higher yields), as well as the reduced propensity to spend (again due to the higher interest rates that consumers are able to get with every dollar saved). Do however note that this is more prevalent in asian context than in western context. 

In conclusion, markets generally will trend down with a uptrending in interest rates. Investing during this period shld be thus focused on companies with strong balance sheets and wide economic moats, which are will positioned to soar the moment the overall market outlook corrects itself.