Sensex, Nifty Second Session Rejection Pulled by Reliance Industries, HDFC Bank
India’s equity benchmark fell for a second straight session on Wednesday on losses at Reliance Industries, HDFC Bank, HDFC, Kotak Mahindra Bank, Axis Bank, Tata Consultancy Services and Bharti Airtel. Sensex fell as much as 378 points and the Nifty 50 index fell below the key psychological level of 17,900. For most of the day, the benchmarks traded in a tight range with a negative bias, however, they extended their losses in afternoon trading after selling pressure in bank stocks increased.
The Sensex ended 314 points lower at 60,008 and the Nifty 50 index dropped 101 points to close at 17,899.
The dollar jumped on Wednesday, as strong US retail sales data boosted bets on previous Federal Reserve rate hikes, while shares in Europe edged up slightly after the market. Asian markets wobble because of worries about COVID-19.
With inflation running high, the data boosted expectations of a rate hike as early as mid-2022. Investors also said the data could encourage the Fed to accelerate cuts in its asset-buying program. mine.
Back home, nine of the 15 sector gauges compiled by the National Stock Exchange ended lower, led by a 1.6 percent drop in the Nifty Realty index.