Sensex, Nifty Extend Losses For Second Day On Fed Concerns
(RTTNews) - Indian shares fell notably on Thursday to extend losses for a second straight session as global sentiment remained fragile and the dollar held near recent peaks on expectations that the Federal Reserve will continue to raise rates aggressively to tackle high inflation.
The Fed is expected to deliver a third consecutive 75 basis-point rate hike when it meets next week.
Fed funds futures suggest a 28 percent chance of a 100 basis-point rate hike after stronger-than-anticipated U.S. inflation figures for August.
The benchmark S&P/BSE Sensex ended the session down 412.96 points, or 0.68 percent, at 59,934.01, giving up initial gains.
The broader NSE Nifty index slipped 1266.35 points, or 0.70 percent, to settle at 17,877.40.
Apollo Hospitals, Cipla, Infosys, Tech Mahindra and Hindalco lost 2-4 percent in the Nifty pack, while NTPC, Power Grid Corp, Adani Ports, Eicher Motors and Maruti Suzuki rose 1-3 percent.
The rupee traded weak in the afternoon after snapping a four-day winning streak on Tuesday.
Oil prices edged lower in European trade as investors weighed demand concerns against potential supply disruptions.
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