Sensex, Nifty Tumble Ahead Of Fed Verdict
(RTTNews) - Indian shares fell sharply on Thursday as investors assessed the likely impact of Trump's second victory on global growth and the future trajectory of interest rates.
There are concerns that a second Trump presidency will likely hinder global economic growth due to changes from climate change to foreign policy.
Also, it is feared that Trump's return to the White House could spark another bout of inflation and delay interest rate cuts around the world.
Traders also awaited interest-rate decisions from the Bank of England and the U.S. Federal Reserve later in the day, with both the central banks expected to cut rates by 25 basis points.
Investors will pay close attention to Fed Chair Jerome Powell's comments on the policy outlook after Trump's victory.
The benchmark S&P/BSE Sensex fell 836.34 points, or 1.04 percent, to 79,541.79 while the broader NSE Nifty index settled at 24,199.3, down 284.70 points, or 1.16 percent, from its previous close.
Hindalco shares plummeted 8.4 percent after the company's subsidiary Novelis logged an 18 percent decline in Q2 net profit and suspended key financial metric guidance.
Among other prominent decliners, Adani Enterprises, Shriram Finance, Grasim Industries and Trent lost 3-6 percent.
On the positive side, Apollo Hospitals Enterprise soared 6.3 percent after announcing a mega capex drive.
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