Indian Shares Nosedive Amid Global Selloff; IT And Metal Stocks Worst Hit
(RTTNews) - Indian shares plunged on Monday and the rupee slipped to a record low of 80.09 against the dollar in early trade, as the U.S. Federal Reserve's aggressive stance to tame inflation sparked a global selloff.
Fed Chair Jerome Powell delivered a stark warning Friday about the Fed's determination to fight inflation, saying the "economy does not work for anyone" without price stability and the central bank would use its tools "forcefully" that could mean slower growth, a weaker job market and "some pain" for households and businesses.
The benchmark S&P/BSE Sensex plummeted 1,015 points, or 1.7 percent, to 57,818, while the broader NSE Nifty index was down 290 points, or 1.7 percent, at 17,269.
IT stocks suffered heavy losses, with Wipro, HCL Technologies, Infosys and Tech Mahindra tumbling 3-5 percent.
Metal stocks were also hit hard, with Tata Steel, Hindalco and JSW Steel declining 2-4 percent.
LIC Housing Finance fell nearly 2 percent despite announcing a huge dividend.
Reliance Industries was down 0.6 percent ahead of its AGM today.
FMCG stocks were seeing defensive buying, with Hindustan Unilever, Britannia Industries and Nestle India all rising around half a percent.
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