Indian shares tumbled on Thursday to extend losses for the third day running as the release of hawkish minutes from the Fed’s last policy meeting raised speculation that the U.S. central bank will raise interest rates by a hefty 50 basis points at its meetings in May and June.
As inflation worries mount, investors also awaited the outcome of RBI’s policy meeting on Friday for directional cues.
Analysts say there is crying need for the central bank to revert to its mandated role of ensuring price stability.
The benchmark S&P BSE Sensex plunged 575.46 points, or 0.97 percent, to 59,034.95, while the broader NSE Nifty index ended the session down 168.10 points, or 0.94 percent, at 17,639.55.
TCS, ONGC, HDFC, Titan and Adani Ports fell 2-3 percent in the Nifty pack, while Dr Reddy’s Laboratories, ICICI Bank, Hindustan Unilever, Divis Laboratories and Axis Bank rose 1-2 percent.
Zee Entertainment shares lost 2 percent amid heavy volume.
IDFC slumped 6.4 percent as a consortium of Bandhan Financial Holdings Ltd, global investment firm GIC and private equity firm ChrysCapital teamed up to acquire IDFC Asset Management Company and IDFC AMC Trustee Company for Rs 4,500 crore.
YES Bank shares surged 6.1 percent after CARE Ratings upgraded ratings for the bank’s infrastructure, lower tier-2, and upper tier-2 bonds to positive.
Market Analysis
Sensex, Nifty Extend Losing Run For Third Day
2022-04-07 10:49:20
