Indices fall for 3rd session in a row as Sensex and Nifty lose 600 and 150 pts, respectively; Bank, Auto, IT lead the drag
India’s benchmark indexes extended decline for the third consecutive session on Thursday, dragged by Bank, IT, and Finance stocks, after the U.S. Federal Reserve signalled that interest rates could stay higher for longer.
The Nifty 50 lost 159 pts to close at 19,742, while the S&P BSE Sensex declined 570 pts to end at 66,230. Almost all sectoral indices ended in the red in today’s session.
Both the benchmarks are down about 2% so far this week, after gaining 2% each and hitting all-time highs in the previous week.
Bank stock led the drag in the market as SBI, ICICI and IndusInd were among the top laggards. M&M and Tata Motors also shed significantly in today’s session. TechM and Adani Ports jumped more than a per cent.
Media remained the only index to have gained in today’s trading. Bank, Auto, Finance, Realty and IT tanked substantially on Thursday.
Asian and European stocks sank Thursday and the dollar advanced after the US Federal Reserve indicated it could hike interest rates again this year and…
