Sensex Plunges 1,457 Points On Fed Worries; Nifty Dips Below 15,800
(RTTNews) - Indian shares nosedived on Monday amid concerns that the U.S. Federal Reserve may raise interest rates aggressively to control inflation.
Hotter-than-expected inflation data released on Friday hardened expectations the Federal Reserve will keep raising rates through the September meeting and beyond.
Rising oil prices and a COVID-19 warning from Beijing also added to concerns about slowing global growth.
Closer home, investors awaited the release of inflation report later in the day for clues on whether the MPC will continue to frontload policy tightening over the coming months.
The benchmark S&P BSE Sensex ended the session down 1,456.74 points, or 2.68 percent, at 52,846.70 amid across-the-board selling. The broader NSE Nifty index fell by 427.40 points, or, 2.64 percent, to 15,774.40.
Among the prominent decliners, Hindalco, IndusInd Bank, Tata Motors, Bajaj Finance and Bajaj FinServ tumbled 5-7 percent.
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