Sensex, Nifty Fall On Weak Global Cues
(RTTNews) - Indian shares fell sharply on Wednesday, as higher bond yields and a surge in oil prices following hawkish Fed comments and due to heightened tensions in the Middle East stoked concerns that global interest rates will likely stay higher for longer.
Investor anxiety ahead of the general election results, due next week also weighed on markets.
The Lok Sabha exit poll results will be announced post the completion of all seven phases on June 01. The actual results will be announced on June 4th.
The benchmark S&P BSE Sensex slumped 667.55 points, or 0.89 percent, to 74,502.90 while the broader NSE Nifty index settled down 183.45 points, or 0.80 percent, at 22,704.70.
Among the prominent decliners, Bajaj FinServ, Tata Consumer Products, Tech Mahindra, SBI Life and HDFC Life fell 2-3 percent in the Nifty pack.
Hindalco rallied 3.5 percent on reports that it is looking to garner $945 million via its Novelis U.S. IPO. Cipla, Bajaj Auto, Power Grid Corp and Divis Laboratories rose 1-2 percent.
Global cues were sluggish, and gold drifted lower following hawkish Fed comments and a poor two-year and five-year note auction.
Crude oil rose for a fourth day to reach a one-month high amid heightened tensions in the Middle East and expectations that major oil producing nations will maintain production cuts at a meeting this Sunday.
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