Sensex falls 654 points amid weak global cues; Nifty ends below 17,950

NEW DELHI: Equity indices plunged on Wednesday with the benchmark BSE sensex falling over 650 points dragged by IT and financial stocks amid weak cues from global markets.
The 30-share BSE sensex fell 656 points or 1.08 per cent to close at 60,099; while the broader NSE Nifty settled 175 points or 0.96 per cent lower at 17,938.
Infosys, Asian Paints, HUL, Bajaj Finance, TCS and Kotak Bank were the major losers in the sensex pack falling as much as 2.77 per cent.
While SBI, Tata Steel, Maruti and Axis Bank were the top gainers rising up to 1.75 per cent.
On the NSE platform, sub-indices Nifty IT, Financial Services and FMCG fell as much as 2.13 per cent.
Technology stocks led the decline as US Treasury yields hit two-year high.
According to experts, a global technology stock sell-off overnight spooked Asia’s share markets on Wednesday, as investors worried about inflation and braced for tighter US monetary policy.
“The hardening of US yields has fuelled fears of a higher-than-expected Federal Reserve interest rate hike, which has seeped through to Indian markets and triggered consolidation after a solid run,” Aishvarya Dadheech, fund manager at Ambit Asset Management told news agency Reuters.
Higher US yields and interest rate hikes tend to be make risky assets like emerging market equities less attractive, leading to outflows of funds from the region.
Meanwhile, foreign investors remained net sellers in the Indian equity markets as they offloaded stocks worth Rs 1,254.95 crore on Tuesday, according to stock exchange data.
(With inputs from agencies)

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