Sensex falls over 500 points, Nifty ends in red | Top gaining shares
India Today
Nifty 50 index closed 0.92 per cent or 153.20 points lower at 16,416.35 and the S&P BSE Sensex slipped 1.02 per cent or 567.98 to 55,107.34.
Share markets ended lower for a third straight session on Tuesday as a surprise interest rate hike in Australia deepened worries around aggressive policy tightening ahead of a meeting of the domestic central bank.
The NSE Nifty 50 index closed 0.92 per cent or 153.20 points lower at 16,416.35 and the S&P BSE Sensex slipped 1.02 per cent or 567.98 to 55,107.34.
The movement was in line with broader weakness in equities after a 50-basis-point rate increase by the Reserve Bank of Australia compounded concerns that hawkish central banks could tip the global economy into a recession.
The stock market has seen volatile moves in the run-up to a central bank rate decision on Wednesday. Grappling with stubbornly high inflation, the Reserve Bank of India was expected to further tighten policy after its unscheduled rate hike in May.
On Tuesday, the market was weighed down by broad-based losses, with banks, real estate and pharmaceutical stocks all losing more than 1 per cent.
Beaten-down technology stocks closed 1.6 per cent lower to take their losses for the year to more than 24 per cent.
Financial services platform PB Fintech settled down 11.5 per cent after it said the firm's chief executive intends to sell 3.8 million shares through bulk deals on the stock exchange.
