Indian shares followed global peers lower on Wednesday, as a surge in crude prices and a further hardening of U.S. Treasury yields stoked inflationary concerns and added to fears of earlier-than-expected Fed rate hikes.
The benchmark 30-share S&P BSE Sensex hit as low 59,949.22 before ending the session down 656.04 points, or 1.08 percent, at 60,098.82, dragged down IT and financial stocks.
The broader Nifty index closed down 174.65 points, or 0.96 percent, at 17,938.40 after a global technology sell-off overnight.
Hindustan Unilever, Adani Ports, Asian Paints, Shree Cement and Infosys fell 2-3 percent in the Nifty pack, while ONGC jumped 3.5 percent as oil prices rose for a fourth day to a seven-year high in international markets, thanks to a pipeline outage and geopolitical troubles in Russia as well as the United Arab Emirates.
Maruti Suzuki India, Coal India, UPL and Tata Motors all rose about 2 percent.
Market Analysis
Sensex Drops 656 Points Amid Global Selloff; Nifty Dips Below 17,950
2022-01-19 10:51:14
