Sensex, Nifty Plunge As Banks And Metal Stocks Drag
(RTTNews) - Indian shares ended deep in the red on Wednesday as hawkish signals from Fed and ECB officials coupled with signs of an uptick in inflation in the U.K. and Eurozone raised more doubts about the prospects for early rate cuts.
China reported fourth-quarter GDP figures slightly below expectations and analysts expressed concern about HDFC Bank's Q3 margins, adding to the downbeat sentiment.
The benchmark S&P BSE Sensex plummeted 1,628.01 points, or 2.23 percent, to 71,500.76 - suffering its biggest single-day percentage loss since June 2022.
The broader NSE Nifty index slumped 460.35 points, or 2.09 percent, to close at 21,571.95.
HDFC Bank plunged 8.2 percent following its Q3 earnings results release.
Tata Steel, Kotak Mahindra Bank, Axis Bank and Hindalco fell 3-4 percent.
Treasury yields edged higher in international markets and the dollar steadied at a one-month high amid a risk-off market mood after Federal Reserve Governor Christopher Waller indicated in a speech that inflation is nearing its target, but the timing and rate cuts will depend on incoming data.
Several ECB policymakers also warned that markets are getting ahead on rate cut expectations.
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