Indian markets join global selloff as U.S. Fed indicates fewer rate cuts ahead; Sensex sinks below 80k
The Hindu
Indian stock market plunges as Sensex and Nifty tumble amid global sell-off and foreign fund outflows, hitting record lows.
Equity benchmark Sensex on Thursday plunged about 965 points to crash below the 80,000 level due to heavy selling in global equities after the U.S. Federal Reserve signalled fewer rate cuts next year.
Besides, deep losses in consumer durables, banking and IT stocks amid foreign fund outflows added to the gloom, analysts said.
Falling for the fourth day running, the 30-share BSE benchmark Sensex tanked 964.15 points or 1.20% to settle at 79,218.05. During the day, the blue-chip index cracked 1,162.12 points or 1.44% to 79,020.08.
As many as 2,315 stocks declined while 1,680 advanced and 100 remained unchanged on the BSE.
The NSE Nifty tumbled 247.15 points or 1.02% to sink below the 24,000 mark at 23,951.70.
In the past four days, the BSE benchmark tanked 2,915.07 points or 3.54% and the Nifty declined 816.6 points or 3.29%.
"The Indian market saw a widespread decline following a global sell-off driven by the U.S. Fed’s hawkish stance on interest rates. Sectors sensitive to interest rates, such as banking and real estate, significantly bore the brunt.
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