Sensex, Nifty Tumble On Earnings Disappointment
(RTTNews) - Indian shares tumbled on Tuesday amid lingering concerns over FII outflows and disappointment stemming from a weak earnings season.
Sluggish cues from Asia and Europe also dented sentiment as traders awaited clarity on U.S. President-elect Donald Trump's policy proposals on global geopolitics, U.S.-China relations, NATO, immigration, and economic policies.
The U.S. dollar held near a four-month high as the narrative shifted from risk-off hedging to an 'America First' stance' under Trump's presidency.
It is feared that Trump's proposed policies on tariffs could fuel inflation and keep U.S. interest rates higher for longer.
The benchmark S&P/BSE Sensex fell 820.97 points, or 1.03 percent, to 78,675.18, with rate-sensitive auto, banking and financial services stocks facing heavy selling pressure.
The broader NSE Nifty index closed at 23,883.45, down 257.85 points, or 1.07 percent, from its previous close. Britannia Industries plummeted 7.3 percent after the FMCG firm reported a 9 percent fall in Q2 consolidated net profit.
HDFC Bank, Asian Paints, NTPC and BEL all fell around 3 percent.
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