Sensex, Nifty Extend Declines On Middle East Worries
(RTTNews) - Indian shares fell sharply on Wednesday as investors pondered over global recession risks and rising geopolitical tensions in the Middle East.
Investors kept a wary eye on the situation in the Middle East amidst reports of an imminent ground invasion of Gaza by Israel.
Chinese developer Country Garden Holdings Co has reportedly defaulted on a dollar bond for the first time ever, underscoring the depth of the problems in the country's property sector.
Amid lingering fears over further policy tightening by the Federal Reserve, traders looked ahead to the release of key U.S. data and Fed Chair Jerome Powell's speech for direction.
The benchmark S&P BSE Sensex fell 522.82 points, or 0.81 percent, to 64,049.06 - extending losses for a fifth straight session.
The broader NSE Nifty index settled 159.60 points, or 0.83 percent, lower at 19,122.15.
Eicher Motors, Cipla, SBI Life, Adani Enterprises and Apollo Hospitals Enterprise all fell around 2 percent in the Nifty pack, while metal stocks such as Hindalco, Coal India and Tata Steel gained around 1 percent each after China ramped up efforts to stimulate its beleaguered economy.
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