Sensex Drops Over 500 Points; Nifty Dips Below 24
2024-12-12
1720
(fxcue news) - Indian shares ended notably lower on Wednesday, with a combination of persistent FII selling and uncertainty over the Fed's stance keeping investors nervous.
Tariff worries also contributed to the bearish sentiment after U.S. President-elect Donald Trump reiterated his intention to impose reciprocal tariffs in retaliation for the high tariffs imposed by India on import of certain American products.
The benchmark S&P/BSE Sensex fell 502.25 points, or 0.62 percent, to 80,182.20 ahead of the highly anticipated Federal Reserve's interest-rate decision later in the day.
The Fed is widely expected to lower rates by another quarter point, with traders likely to pay close attention to the accompanying statement as well as officials' updated economic projections, including their forecasts for rates.
Expectations of multiple reductions next year are fading amid a resilient labor market and stubborn inflation.
The broader NSE Nifty index closed at 24,198.85, down 137.15 points, or 0.56 percent, from its previous close.
Second-line stocks were hit hard, with the mid-cap and small-cap indexes on the BSE ending down around 0.6 percent and 0.8 percent, respectively.
Among the prominent decliners, JSW Steel, NTPC, BEL, Power Grid Corp and Tata Motors fell 2-3 percent.
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