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Sensex, Nifty End Sharply Lower After Late Selling
(RTTNews) - Indian shares tumbled on Tuesday to extend losses for a third straight session, tracking weakness across other global markets.
Risk aversion gripped world markets amid an escalation in the Ukraine war, rising COVID infections in China, heightened U.S. tech crackdowns, an unnerving collapse in British gilts and hawkish comments from Fed officials on the future path of interest-rate rises.
Concerns about moderating growth for the IT sector going ahead and caution ahead of September's retail inflation data, due to be released on Wednesday, also dented sentiment.
Domestic markets moved in a tight range in the morning session before succumbing to heavy selling pressure in the late afternoon deals.
The benchmark S&P/BSE Sensex ended the session down 843.79 points, or 1.46 percent, at 57,147.32, while the broader NSE Nifty index slipped 257.45 points, or 1.49 percent, to close at 16,983.55.
Nestle India, Eicher Motor, IndusInd Bank, JSW Steel and Divis Laboratories fell 3-5 percent in the Nifty pack, while Axis Bank and Adani Enterprises both rose about 1 percent.
TCS fell 1.8 percent after the company said it is seeing some caution for longer term deals.
Infosys lost 2.6 percent, Tech Mahindra tumbled 2.5 percent, Wipro gave up 2 percent and HCL Technologies declined 1.9 percent.
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