Sensex Ends 542 Points Lower; Nifty Dips Below 17,600
(RTTNews) - Indian shares ended Thursday's session notably lower owing to weak global cues and selling in Adani Group stocks.
Global cues were weak, and the dollar remained elevated after Federal Reserve Chair Jerome Powell reiterated his warning to lawmakers that the central bank may raise interest rates higher than previously anticipated.
During a second day of congressional testimony, Powell once again acknowledged that the U.S. central bank was wrong in initially thinking inflation was only the result of "transitory" factors.
Weaker-than-expected data from China also pointed to a sluggish economic recovery in the country.
The benchmark S&P BSE Sensex dropped 541.81 points, or 0.90 percent, to 59,806.28 while the broader NSE Nifty index closed 164.80 points, or 0.93 percent, at 17,589.60.
Adani Enterprises tumbled 4.8 percent after India Ratings lowered the outlook on the company's rating to negative, citing interest-rate risks and uncertainty on cash flow mismatches.
Adani Ports, Reliance Industries, SBI Life and Mahindra & Mahindra tumbled 2-3 percent.
Among those that gained, Bharti Airtel, Apollo Hospitals Enterprise, Larsen & Toubro and Tata Steel rose 1-2 percent.
Religare Enterprises rallied 2.2 percent after completing a Rs 2,178 crore one-time settlement with lenders.
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