Sensex, Nifty End Deep In Red As Recession Worries Mount
(RTTNews) - Indian shares ended Wednesday's session deep in the red as inflation and interest-rate worries returned to haunt investors.
Risk-off sentiment prevailed in global financial markets ahead of speeches by a couple of European Central Bank policy-makers and U.S. Federal Reserve Chair Jerome Powell later in the day.
The benchmark S&P BSE Sensex ended the session down 709.54 points, or 1.35 percent, at 51,822.53, while the broader NSE Nifty index settled at 15,413.30, down 225.50 points, or 1.44 percent, from its previous close.
Commodity-related stocks succumbed to heavy selling pressure, as oil and metal prices tumbled in global markets on worries about a global recession.
ONGC, JSW Steel, Tata Steel, Hindalco and UPL slumped 3-6 percent as Goldman Sachs, Elon Musk and Nouriel Roubini all have warned of a growing likelihood that the U.S. economy will fall into recession.
On the positive side, BPCL and Hero MotoCorp both rose about 1 percent.
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