Indian shares fell for the third straight session on Thursday amid concerns surrounding inflation and Fed rate hikes.
Ahead of next week’s Federal Reserve policy meeting, U.S. President Joe Biden backed the central bank’s plans to scale back stimulus, saying taming inflation is a critical job for the Federal Reserve.
The benchmark 30-share S&P BSE Sensex slumped 634.20 points, or 1.06 percent, to 59,464.62, with information technology, consumer products and pharma stocks succumbing to heaving selling pressure.
The broader NSE Nifty index ended down 181.40 points, or 1.01 percent, at 17,757.
TCS, Infosys, Divis Laboratories, Bajaj Auto and Bajaj FinServ gave up 2-5 percent while Power Grid Corp shares jumped as much as 4.8 percent.
Tata Consumer Products, JSW Steel, Grasim and Bharti Airtel rose 1-2 percent.
The Sensex lost more than 1,800 points in the last three trading sessions on worries about rising oil prices and the prospect of higher U.S. interest rates.
Market Analysis
Sensex, Nifty Extend Losses For Third Day
2022-01-20 10:41:48
