Sensex Tanks 984 Points; Nifty Ends Below 23
2024-11-10
2000
(fxcue news) - Indian shares tumbled on Wednesday amid much uncertainty over how U.S.-President-elect Trump's tariff proposals and Fed's restrictive monetary policy will impact markets.
Traders also awaited the highly anticipated Labour Department's report on U.S. consumer price inflation for October later in the day for additional clues regarding another interest-rate cut at the U.S. central bank's December meeting.
Traders are currently pricing in about two Fed rate cuts through June, against almost four seen at the start of last week.
Closer home, a rise in October retail inflation reduced expectations of a rate cut by the Reserve Bank of India (RBI) next month, adding to concerns around weak earnings and persisting selling pressure from foreign institutional investors.
The benchmark S&P/BSE Sensex fell 984.23 points, or 1.25 percent, to 77,690.05, while the broader NSE Nifty index settled down 324.40 points, or 1.36 percent, at 23,559.05.
Economy-sensitive metal and auto stocks led losses, with Eicher Motors, Tata Steel, Hindalco, Mahindra & Mahindra and Hero Moto Corp falling 3-4 percent.
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