Sensex, Nifty Extend Losses For Fourth Day On Hawkish Fed Commentary
(RTTNews) - Indian shares fell sharply on Thursday to extend losses for a fourth day running as hawkish Fed commentary spooked markets.
After slashing borrowing costs by 25 basis points, as widely expected, the U.S. Federal Reserve on Wednesday warned it remains cautious about more interest cuts in the face of inflation concerns.
U.S. Treasury yields jumped and the dollar rose to its highest level in more than two years as the Fed's hawkish outlook raised concerns about tighter monetary conditions.
Analysts have warned that policies proposed by U.S. President-elect Donald Trump, including plans for tax cuts and widespread import tariffs, could put upward pressure on prices and keep interest rates higher for longer.
The benchmark S&P/BSE Sensex ended the session down 964.15 points, or 1.20 percent, at 79,218.05 - extending losses for the fourth consecutive session amid a global selloff.
The broader NSE Nifty index closed at 23,951.70, down 247.15 points, or 1.02 percent, from its previous close.
Market breadth remained negative with 2,311 stocks declining versus 1,684 advances on the BSE.
Financials and commodity-related stocks bore the brunt of the selling, with Asian Paints, Grasim, Bajaj Finance, JSW Steel and Bajaj FinServ all falling over 2 percent.
Healthcare stocks saw defensive buying, with Apollo Hospitals Enterprise, Sun Pharma, Cipla and Dr Reddy's Laboratories rising 1-4 percent.
Asian Shares Mixed In Thin Holiday Trade
Swiss Franc Rises Against Majors
European Shares Seen Flat To Higher At Open
Australian Market Maintains Early Gains In Mid-market
Asian Markets Trade Mostly Lower
Indian Markets Closed For Gandhi Jayanti
Thai Stock Market May Extend Thursday's Gains
