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Sensex, Nifty Hit Over Two-week Lows On US Rate Worries
(RTTNews) - Indian shares tumbled on Wednesday to extend losses for a fourth consecutive session, as rising geopolitical tensions and lingering concerns about the Federal Reserve's rate-hike path dented demand for riskier assets.
The Federal Reserve is scheduled to release the minutes of its latest monetary policy meeting later today, which could shed additional light on the outlook for interest rates.
Following hawkish rhetoric from several Fed officials in recent days, investors are pricing in the federal funds rate climbing to around 5.3 percent in June.
Strong business activity data released on Tuesday, following recent robust data on retail sales, the labor market and manufacturing production led investors to anticipate higher rates for longer.
The benchmark S&P/BSE Sensex fell 927.74 points, or 1.53 percent, to 59,744.98 while the broader NSE Nifty index settled 272.40 points, or 1.53 percent, lower at 17,554.30.
Broad-based selling weighed on the overall market after Wall Street reported its worst day so far in 2023 on Tuesday.
Adani Group stocks extended recent losses, with Adani Enterprises and Adani Ports falling 11 percent and 7.2 percent, respectively.
JSW Steel, Bajaj Finance and Grasim Industries all fell around 3 percent.
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