Sensex, Nifty Tumble On Interest Rate Worries
(RTTNews) - Indian shares were deep in the red on Wednesday amid signs that the U.S. Federal Reserve will not rush to lower interest rates.
The benchmark S&P BSE Sensex tumbled 712 points, or 1 percent, to 72,416 in early trade, while the broader NSE Nifty index was down 203 points, or 0.9 percent, at 21,829.
HDFC Bank slumped 5.6 percent after its U.S.-listed shares fell 7 percent, the most since April 2022 post Q3 results.
Tata Steel, Bajaj Auto, Axis Bank and Hindalco all fell around 2 percent.
L&T Technology Services jumped nearly 3 percent on positing 13 percent growth in quarterly net profit.
TCS and HCL Technologies were up around 1 percent each.
State-run oil marketing companies such as BPCL, HPCL and IOC were seeing marginal gains after reports that they may cut petrol and diesel prices by Rs. 5-10 per liter next month.
Bank of Maharashtra rallied 2.4 percent on reporting a 34 percent rise in Q3 profit. Maruti Suzuki India fell over 1 percent on price hike buzz.
Federal Bank shed 0.6 percent after reporting mixed earnings for the December quarter.
Asian Paints dropped half a percent ahead of its earnings release.
Rail Vikas Nigam soared 4.4 percent after if formed a joint venture for green energy projects.
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