Sensex, Nifty End Lower On Rate Worries
(RTTNews) - Indian shares ended lower on Wednesday, tracking weak global markets after the August U.S. job openings survey signaled a tight labor market, keeping the risks tiled toward another Fed rate hike.
Mixed comments from Fed officials on the rate hike path and concerns over the impact of higher oil prices on inflation and growth also kept nervous ahead of the RBI's MPC decision on interest rates due Friday.
The benchmark S&P BSE Sensex dropped 286.06 points, or 0.44 percent, to 65,226.04 as the bond rout continued and the dollar traded close to 2023 highs.
The broader NSE Nifty index settled 92.65 points, or 0.47 percent, lower at 19,436.10, with banks and automakers leading losses.
Axis Bank slumped 4.7 percent after reports that the private sector lender is looking to raise funds up to Rs. 10,000 crores via a QIP issue. However, the bank termed the report as "purely speculative and factually incorrect".
Bajaj Auto, IndusInd Bank, NTPC and SBI fell 2-3 percent.
Adani Enterprises rallied 3.2 percent after Abu Dhabi conglomerate International Holding Company increased its stake in the company to more than 5 percent.
HDFC Bank, Hindustan Unilever, Eicher Motors and Nestle India rose 2-3 percent.
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Bay Street Likely To Open On Positive Note
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