Sensex, Nifty Tumble On Fed Rate Hike Worries
(RTTNews) - Indian shares opened sharply lower on Wednesday, tracking weak global markets and a rising dollar after comments from Federal Reserve Bank of St. Louis President James Bullard and San Francisco Federal Reserve Bank President Mary Daly underscored the need for tighter policy.
The benchmark S&P BSE Sensex fell nearly 500 points, or 0.9 percent, to 56,608 in early trade, while the broader NSE Nifty index was down 128 points, or 0.8 percent, at 16,879.
Among the prominent decliners, ONGC, ITC, SBI Life, HDFC Life and IndusInd Bank all fell around 2 percent.
HCL Technologies edged down slightly after announcing a rebranding.
Torrent Pharma tumbled 3.3 percent on news it would acquire 100 percent stake in Curatio Healthcare for Rs. 2,000 crore.
BHEL dipped half a percent despite securing an order from NTPC to set up a 2x660 megawatt thermal power project.
Axis Bank fell about 1 percent. The private sector lender is investing around Rs 50-70 crore to acquire a little less than a 10 percent stake in Fairfax-backed Go Digit Life Insurance.
Mothersons Sumi Wiring India jumped nearly 5 percent ahead of a board meeting this week to consider a bonus issue.
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