Sensex, Nifty Extend Decline For Fifth Day
(RTTNews) - Indian shares fell sharply on Friday to extend losses for a fifth day running as the dollar and U.S. Treasury yields remained elevated amid expectations for prolonged high U.S. interest rates.
Global sentiment was fragile after the Federal Reserve signaled a cautious approach to monetary easing in 2025. Robust U.S. economic data released overnight also supported the Fed's hawkish stance.
Adding to the downbeat sentiment, the U.S. faced a government shutdown after U.S. President-elect Donald Trump abruptly rejected a bipartisan plan.
Tariff worries also gripped markets as Trump warned of potential tariffs on the European Union if the bloc does not cut its growing deficit with the United States by making large oil and gas trades with the world's largest economy.
The benchmark S&P/BSE Sensex fell 1,176.45 points, or 1.49 percent to 78,041.59 as large-cap stocks came under selling pressure due to ongoing FII selling.
The broader NSE Nifty index closed at 23,587.50, down 364.20 points, or 1.52 percent, from its previous close.
Selling was seen across the board, with Trent, Mahindra & Mahindra, IndusInd Bank, Axis Bank and Tech Mahindra falling 3-4 percent in the Nifty pack.
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