Sensex Dips Below 60K; Nifty Nears 17,800
(RTTNews) - Indian shares succumbed to heavy selling pressure on Friday to extend losses for a fourth day, with recession worries, renewed fears of COVID-19 and concerns over the Federal Reserve's continued policy tightening weighing on markets.
The benchmark S&P BSE Sensex dropped 980.93 points, or 1.61 percent, to 59,845.29, while the NSE Nifty index settled 320.55 points, or 1.77 percent, lower at 17,806.80.
Broader indexes followed suit, with the BSE MidCap and SmallCap indexes losing 3.4 percent and 4.1 percent, respectively.
Selling was seen across the board, barring healthcare stocks. Tata Motors, Tata Steel, Hindalco, Adani Enterprises and Adani Ports lost 4-7 percent.
Global cues were weak as strong U.S. data released overnight fueled worries that the Federal Reserve would stick to its aggressive tightening path for longer to tame inflation.
U.S. weekly jobless claims data pointed to a still tight labor market and third-quarter GDP data was revised higher, renewing hawkish Federal Reserve bets and raising concerns about an economic contraction in 2023.
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