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Sensex Drops 570 Points On Fed Rate Hike Worries; Nifty Ends At 19,742
(RTTNews) - Indian shares fell notably on Thursday, pressured by weak global cues, a stronger dollar and higher bond yields after the Federal Reserve left interest rates unchanged, as widely expected, but raised its forecast for rates at the end of next year saying that battle against inflation was far from over.
Concerns over higher oil prices and hawkish messages from other central banks, including the Swiss National Bank, Sweden's Riksbank and Norway's central bank also weighed on markets.
The benchmark S&P BSE Sensex fell 570.60 points, or 0.85 percent, to 66,230.24 while the broader NSE Nifty index ended the session down 159.05 points, or 0.8 percent, at 19,742.35.
Financials led losses, with IndusInd Bank, SBI and ICICI Bank falling 2-3 percent.
Mahindra & Mahindra lost 2.9 percent after its Canada-based associate firm Resson Aerospace Corporation ceased to exist.
Cipla dropped 2.5 percent after its subsidiary InvaGen's manufacturing plant received five inspectional observations in Form 483 from the U.S. health regulator.
Among those that gained, Bharti Airtel, Asian Paints, Dr Reddy's Laboratories, Tech Mahindra and Adani Ports rose 1-2 percent.
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