US Fed guidance roils bourses
Sensex, Nifty fell 1% each; Rupee fall and persistent foreign fund outflows further weigh on investor sentiment; However, PSU Bank Index rallies over 5%; Auto stocks stage a smart recovery
image for illustrative purpose
Tracking Global Cues
- BSE index ended 581.21 pts lower at 57,276.94
- NSE Nifty plunged 167.80 pts to 17,110.15
- FPIs continue to book profits
- HCL Tech top loser
- Tech Mahindra, Dr Reddy's, Wipro, TCS, Titan and Infy among laggards
- Axis Bank, SBI, Maruti, Kotak Bank, Sun Pharma and IndusInd Bank among gainers
Mumbai: Equity benchmark Sensex tumbled 581 points on Thursday, in tandem with a global selloff after the US Federal Reserve signalled policy tightening from March. A depreciating rupee and persistent foreign fund outflows further weighed on sentiment, traders said.
The 30-share BSE index ended 581.21 points or 1.00 per cent lower at 57,276.94. Similarly, the broader NSE Nifty plunged 167.80 points or 0.97 per cent to 17,110.15.
"As the Fed left key interest rates near zero, its hawkish commentary quickly washed away gains in global markets, leading to a gap down opening in indices back home. As FPIs continued to book profits from Indian equities, value stocks made a comeback with the PSU Bank Index rallying over five per cent in afternoon trade today, well supported by auto stocks to stage a smart recovery. As IT and pharma stocks witnessed profit taking, textile stocks were sought after in the broader market on the back of earnings," said S Ranganathan, head (research) at LKP Securities.
