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Sensex, Nifty Fall Again On US Rate Worries; IT Stocks Worst Hit
(RTTNews) - Indian shares fell sharply on Thursday, after having snapped an eight-day losing streak the previous day.
Weak global cues dented sentiment, as signs of rising inflationary pressures in the United States and hawkish comments from ECB, Fed and BOE officials stoked concerns that global interest rates could stay higher for longer.
The benchmark S&P BSE Sensex dropped 501.73 points, or 0.84 percent, to 58,909.35 while the broader NSE Nifty index settled 129 points, or 0.74 percent, lower at 17,321.90.
Infosys, Tech Mahindra, TCS, Axis Bank and Maruti Suzuki India fell 2-3 percent in the Nifty pack, while Hero MotoCorp, Adani Enterprises, BPCL, Coal India and Adani Ports climbed 1-3 percent.
Other Adani Group stocks also posted strong gains as the Supreme Court set up an expert committee on the issue arising from the Hindenburg Research report on the Group companies.
The Group's Chairman Gautam Adani tweeted, "The Adani Group welcomes the order of the Hon'ble Supreme Court. It will bring finality in a time bound manner. Truth will prevail."
Adani Green Energy, Adani Transmission, Adani Power and Adani Wilmar all jumped around 5 percent.
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