Sensex, Nifty Extend Losses Amid Global Selloff
(RTTNews) - Indian shares fell sharply on Thursday to extend losses from the previous session as worries about U.S. fiscal position spurred a broad risk aversion in global financial markets.
Rising U.S. Treasury yields and a stronger dollar also weighed on markets as signs of resilience in the U.S. labor market revived Fed rate hike bets.
The rupee hit a fresh 10-week low today amid a global sell-off spurred by Fitch's downgrade of U.S. credit rating.
Investors, meanwhile, shrugged off the results of a survey by S&P Global showing that India's service sector activity expanded at the fastest pace in just over thirteen years amid a substantial improvement in demand conditions.
The benchmark S&P/BSE Sensex fell 542.10 points, or 0.82 percent, to 65,240.68, with losses seen across the board.
The broader NSE Nifty index dropped 144.90 points, or 0.74 percent, to 19,381.65 despite Morgan Stanley upgrading its rating on Indian equities to "overweight" from "equal weight."
Nestle India, ICICI Bank, Bajaj FinServ, ONGC and Titan Company all fell around 2 percent in the Nifty pack while Adani Group stocks such as Adani Enterprises and Adani Ports ended up more than 2 percent each.
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