Indian shares fell for a second day running Wednesday, with IT stocks and HDFC twins pacing the decliners.
Weak global cues dented sentiment after U.S. Federal Reserve Governor Lael Brainard indicated the Fed could start reducing its balance sheet at a rapid pace from May itself and that rate hikes could come at a more aggressive pace than the typical 25bps increments.
The worsening Covid-19 situation in China and fears that new sanctions against Russia will add fuel to inflation and hurt economic growth also weighed on markets.
The benchmark S&P BSE Sensex slumped 566.09 points, or 0.94 percent, to close at 59,610.41 while the broader NSE Nifty index ended down 149.75 points, or 0.83 percent, at 17,807.65.
Tech Mahindra, HCL Technologies, HDFC, HDFC Life and HDFC Bank lost 2-4 percent while PSU stocks such as BPCL, Power Grid Corp, NTPC and Coal India climbed 2-3 percent.
Tata Steel added 1.9 percent after reporting its highest ever annual steel output in FY22.
Tata Power jumped 5.6 percent after commissioning a solar project in Rajasthan.
Sensex, Nifty Extend Losses For Second Day
2022-04-06 10:59:34
