Sensex, Nifty Decline On Weak Global Cues; ICICI Bank, HDFC Among Top Losers
NDTV
HDFC, ICICI Bank, HDFC Bank, Infosys, Axis Bank and Tech Mahindra were among the top drags on the Sensex.
The Indian equity benchmarks fell sharply on Thursday ahead of weekly expiry of index futures and option contracts on the back of weak global cues. The Sensex fell as much as 322 points and Nifty 50 index dropped below its important psychological level of 17,950. HDFC, ICICI Bank, HDFC Bank, Infosys, Axis Bank and Tech Mahindra were among the top drags on the Sensex.
As of 9:36 am, the Sensex was down 296 points at 60,060 and Nifty 50 index fell 94 points to 17,924.
Inflation fears pressured Asian stocks and buoyed the dollar on Thursday after data overnight showed US consumer prices surged at the fastest pace since 1990 last month, boosting the case for faster Federal Reserve policy tightening.
Nominal US Treasury yields shot higher, with that on the benchmark 10-year note leaping by the most since February, while real yields, which take inflation into account, dipped to record lows.