Sensex, Nifty End Lower On US Rate Worries
(RTTNews) - Indian shares ended lower on Thursday, mirroring weak global sentiment.
Benchmark indexes snapped a two-day winning run as hawkish signals from Fed and ECB policymakers revived fears of an imminent recession.
After Fed Chair Jerome Powell flagged more rate hikes in testimony before the House Financial Services Committee, market participants now expect the U.S. central bank to raise rates two more times this year.
Falling oil prices in European trade and gains in rupee on the back of a weaker dollar in international markets helped to limit overall losses to some extent.
The benchmark S&P BSE Sensex fell 284.26 points, or 0.45 percent, to 63,238.89, after having hit a record closing high the previous day.
The broader NSE Nifty index ended the session down 85.60 points, or 0.45 percent, at 18,771.25.
Power Grid Corp, Tata Motors, Asian Paints, Tata Consumer Products and Bajaj Finance all fell around 2 percent in the Nifty pack, while Tata Steel, Larsen & Toubro and Divis Laboratories rose about 1 percent each.
The rupee was 8 paise higher at 81.93 against the dollar and gold hovered near three-month lows, while oil prices fell over 1 percent in European trade on concerns about the outlook for fuel demand.
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