Sensex, Nifty Extend Losses For Third Day As IT Stocks Drop
NDTV
Indian equity benchmarks on Wednesday extended their fall for the third straight session as a sharp sell-off in information technology stocks countered gains in financials.
Indian equity benchmarks on Wednesday extended their fall for the third straight session as a sharp sell-off in information technology stocks countered gains in financials. Investors await minutes from the U.S. Federal Reserve's latest policy meeting due later in the day. Some top Fed policymakers backed two more big interest rate hikes as early as June and July to fight the U.S.'s 40-year-high inflation.
Market participants also feared that rate hikes could bring the world's largest economy to a standstill, which would unnerve the domestic growth.
The 30-share BSE Sensex fell 303 points or 0.56 per cent to close at 53,749, while the broader NSE Nifty moved 99 points or 0.62 per cent down to settle at 16,026. Sensex swung in a band of 696 points during today's session.
Mid- and small-cap shares finished on a weak note as Nifty Midcap 100 fell 2.45 per cent and small-cap slipped 3.46 per cent.
