Sensex plunges 793 points amid worries over delayed US rate cuts
Updated: Apr 12th, 2024
Source: IANS |
The BSE Sensex plunged almost 800 points today amid heavy selling in frontline stocks.
While the Sensex closed 793 points, or 1.06%, down at 74,244.90, the Nifty ended Friday with a significant loss of 234 points, or 1.03%, at 22,519.40.
Almost all sectoral indices ended in the red and the market breadth in the negative territory with 60% of the stocks declining.
Among the Sensex losers, Sun Pharma was down 4%, while Maruti was down by more than 3%.
Vinod Nair, head of research at a financial services company, said the Indian markets consolidated amid worries over delayed US rate cuts, escalating Middle East tensions driving oil prices up, and subdued Q4 earnings projections.
Investors are questioning the feasibility of the US Fed’s anticipated three rate cuts this year, leading to underperformance in the emerging markets.
Meanwhile, the European markets excelled as the ECB maintained policy rates but hinted at a potential rate cut soon, Nair said.
(Source: IANS)
Edited for style
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