Indian shares fell sharply in early trade on Thursday, extending the previous session’s sell-off amid signs that global central banks including the Federal Reserve and the European Central Bank will not rush to lower interest rates as previously anticipated.
The benchmark S&P BSE Sensex plummeted 721 points, or 1 percent, to 70,780 while the broader NSE Nifty index was down 239 points, or 1.1 percent, at 21,333.
Asian Paints tumbled 3.3 percent despite reporting a 34 percent rise in Q3 net profit.
LTIMindtree slumped nearly 13 percent on reporting a fall in Q3 operating margin.
ICICI Prudential Life Insurance plunged 6.2 percent as it reported a flat net profit of Rs. 227 crores for the third quarter ended December 2023.
JSW Steel fell over 2 percent on reports it is adding capacity with an aim to hit 50 million ton by 2030.
Divis Laboratories, Power Grid Corp and NTPC declined 2-3 percent.
Market Analysis
Sensex, Nifty Extend Losses As Rate-cut Hopes Fade
2024-01-18 04:40:41
