Sensex Drops Over 500 Points On Fed Worries; Nifty Dips Below 19,350
(RTTNews) - Indian shares ended notably lower on Friday, with financials losing ground as upbeat U.S. economic data released overnight added to concerns about the outlook for interest rates following Wednesday's hawkish Federal Reserve minutes.
Signs of a resilient U.S. economy supported the dollar and lifted bond yields, weighing on risk sentiment.
Investors also awaited the U.S. monthly jobs report later in the day for additional clues on the economic and rate outlook.
The benchmark S&P/BSE Sensex ended the session down 505.19 points, or 0.77 percent, at 65,280.45, while the broader NSE Nifty index dropped 165.50 points, or 0.85 percent, to 19,331.80.
NTPC, IndusInd Bank, Apollo Hospitals Enterprise, Power Grid Corp and Adani Ports fell 2-3 percent in the Nifty pack while Tata Motors rallied 3.7 percent to hit a record high after reporting robust JLR sales for the April-June quarter.
Titan Company added 1.2 percent on positive Q1 update.
The rupee declined to its lowest level in a month while oil prices were on track for a second consecutive weekly gain after data showed a big drop in U.S. crude inventories.
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