Indian Shares Tumble Amid Global Sell-off
(RTTNews) - Indian shares fell sharply on Thursday, tracking weak global markets after several Fed and ECB officials reiterated their support for further interest-rate hikes to combat inflation.
Investors are betting that the U.S. Federal Reserve and the ECB will both raise their key borrowing costs by 75 basis points when they meet later this month.
Disappointing GDP data for the April-June quarter and a marginal downtick in manufacturing PMI for August also weighed on sentiment.
Global ratings agency Moody's Investors Service today sharply lowered India's GDP growth forecast for 2022 to 7.7 percent from 8.8 percent estimated earlier, citing uneven distribution of monsoon rains and signs of slowing global growth.
The benchmark S&P/BSE Sensex ended the session down 770.48 points, or 1.29 percent, at 58,766.59 while the broader NSE Nifty index settled at 17,542.80, down 216.50 points, or 1.22 percent, from its previous close.
Sun Pharma, TCS, ONGC, Reliance Industries and Hindalco lost 2-4 percent in the Nifty pack, while Tata Consumer Products jumped 3.9 percent after announcing its foray into wider FMCG arena.
Hero MotoCorp, Eicher Motor, Asian Paints and Bajaj FinServ climbed 1-3 percent.
Crude prices extended recent losses on demand concerns, while the Indian rupee ended lower after a volatile session.
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