Sensex Plunges Over 1
2024-12-17
3628
(fxcue news) - Indian shares tumbled on Tuesday as caution gripped markets ahead of the Federal Reserve's interest-rate decision.
The Fed will announce its last move on interest rates for the year on Wednesday and it is likely that the main rate will be cut for a third straight time.
A 25-bps rate cut is already priced in by markets, with investors now waiting to assess the dot chart, Chair Powell's statements and the Fed's broader outlook, particularly for 2025 under the Trump administration.
Erratic FII flows, a strengthening dollar and rising U.S. bond yields also weighed on markets, triggering selling across the board.
The benchmark S&P/BE Sensex slumped 1,064.12 points, or 1.30 percent, to 80,684.45 while the broader NSE Nifty index closed at 24,336, down 332.25 points, or 1.35 percent, from its previous close.
Among the prominent decliners, JSW Steel, Bharti Airtel, Hero MotoCorp, Grasim and Shriram Finance plunged 3-5 percent.
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