Sensex, Nifty Extend Losses For Third Day Amid Global Selloff
(RTTNews) - Indian shares fell for a third straight session on Tuesday as yields surged and the dollar remained in demand on growing bets that the Federal Reserve will delay interest rate cuts.
The dollar headed for its best rally in over a year as robust gains in March retail sales figures combined with upward revisions in the prior two months added to concerns about the outlook for U.S. interest rates.
Also, Mary Daly, the president of the San Francisco Federal Reserve Bank, said on Monday there is "no urgency" to cut interest rates.
Ongoing concerns about geopolitical tensions in the Middle East and signs of feeble demand in China also weighed on markets, ahead of a holiday on Wednesday on account of Ram Navami.
Israel is apparently weighing possible response actions to Iran's aggression, but it is not clear if a decision has been made.
The benchmark S&P BSE Sensex ended the session down 456.10 points, or 0.62 percent, at 72,943.68 while the broader NSE Nifty index settled 124.60 points, or 0.56 percent, lower at 22,147.90.
Financials and IT stocks led losses, with Wipro, Bajaj FinServ, IndusInd Bank, LTIMindTree and Infosys falling 2-4 percent. Eicher Motors topped the gainers list to climb 3 percent while Divis Laboratories, Titan Company, ONGC and Hindustan Unilever rose 1-2 percent.
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