Sensex Slumps 1,062 Points; Nifty Ends Below 22,000
Indian shares tumbled on Thursday as Fed rate cut hopes waned and truce mediators continued talks to reach Hamas-Israel agreement over key issues.
A slew of weak March quarter results and uncertainty surrounding the outcome of ongoing 2024 Lok Sabha elections also spooked investors.
Federal Reserve Bank of Boston President Susan Collins said on Wednesday that she is not surprised by unwelcome inflation data and that the U.S. economy still needs to slow more in order to get inflation back to the central bank's 2 percent target.
In the Middle East, investors awaited more clarity on a potential ceasefire between Israel and Hamas as Israeli forces pushed ahead with attacks on Rafah.
The benchmark S&P BSE Sensex ended the session down 1,062.22 points, or 1.45 percent, at 72,404.17 - extending losses for a third straight session.
The broader NSE Nifty index slumped 345 points, or 1.55 percent, to 21,957.50.
ONGC, Coal India, Asian Paints, BPCL and Larsen & Toubro plunged 4-6 percent in the Nifty pack while automakers Bajaj Auto, Mahindra & Mahindra, Tata Motors and Hero MotoCorp surged 1-3 percent.
SBI gained 1.1 percent after reporting a 24 percent rise in Q4 net profit.
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