Sensex, Nifty Extend Sell-off For Sixth Day; Pharma Stocks Shine
(RTTNews) - Indian shares ended a volatile session notably lower on Wednesday, mirroring weak global cues, rising Treasury yields and a soaring dollar after a slew of Fed officials said they need to keep raising rates to restore price stability.
A weakening rupee amid rising FII outflows in recent sessions, concerns about energy shortages in Europe and Britain's radical tax cuts to spur growth also weighed on sentiment.
The rupee traded at a record low of 81.93 today as the dollar marched to a fresh 20-year high against major rivals and a continuing global bond rout pushed 10-year Treasury yields to the highest since 2008.
The benchmark S&P BSE Sensex fell 509.24 points, or 0.89 percent, to close at 56,598.28, extending its losing streak for a sixth straight session.
The broader NSE Nifty index ended the session down 148.80 points, or 0.87 percent, at 16,858.60.
Reliance Industries, ITC, Axis Bank, JSW Steel and Hindalco led losses to close 3-4 percent lower while Asian Paints climbed 2.8 percent to top the gainers list amid recent declines in crude oil prices.
Power Grid Corp, Eicher Motor, Dr Reddy's Laboratories and Sun Pharma rose 1-2 percent.
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