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Sensex, Nifty Tumble On US Rate Hike Woes
(RTTNews) - Indian shares fell sharply on Tuesday as U.S. rate hike worries returned to the fore and Tata Consultancy Services (TCS), the country's largest IT services company, posited a lower-than-expected Q3 profit.
The benchmark S&P BSE Sensex slumped 631.83 points, or 1.04 percent, to 60,115.48, with financials, telecom and technology stocks leading losses.
The broader NSE Nifty index closed down 187.05 points, or 1.03 percent, at 17,914.15. Adani Enterprises led losses to close 5.7 percent lower on equity dilution worries.
Media reports suggested that the flagship entity of Gautam Adani-led Adani Group is likely to file the red herring prospectus with market regulator SEBI for its big-bang Rs 20,000 crore further public offering (FPO) later this month.
SBI, Adani Ports, Eicher Motors and Bharti Airtel fell 2-3 percent.
TCS dropped 1.1 percent. The IT services company missed profit estimates for the December quarter and flagged challenges in Europe where it draws a bulk of its revenue.
On the positive side, Tata Motors jumped nearly 6 percent after reporting a 13 percent rise in global wholesales in Q3FY23.
Global cues were mixed following hawkish comments from some Federal Reserve officials and ahead of Fed Chair Jerome Powell's speech at a central bank conference in Stockholm later in the day.
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