Sensex drop over 1,000 pts, Nifty ends below 15,400 over aggressive policy risks
India Today
The Sensex crashed over 1,000 points while Nifty slumped below 15,400 on June 16.
Indian shares plunged more than 2% on Thursday after the Swiss National Bank's surprise interest rate hike raised concerns that aggressive monetary policy action to tame inflation would lead to a recession.
The NSE Nifty 50 index (.NSEI) ended 2.1% lower at 15,360.6, in a volatile trading session, weighed by metal stocks. It had earlier touched its lowest level in over a year.
The BSE index (.BSESN) closed 2% lower at 51,495.79.
The Swiss National Bank raised its policy interest rate for the first time in 15 years with a 50 basis point hike that soured global sentiment and sent the safe-haven franc up sharply.
Its move follows that of the U.S. central bank, which approved its biggest interest rate hike since 1994 on Wednesday and projected a slowing economy and rising unemployment in the months to come. read more
The NSE index has plunged 5.2% this week, on pace to post its worst week in more than a year, as red hot U.S. inflation data led investors to price in a 75-basis-point rate hike.
The Nifty metal index (.NIFTYMET) dropped 5.2% on Thursday, with Vedanta Ltd (VDAN.NS) ending 8.2% lower.
