Sensex tanks 562 points, Nifty cracks below 14,800
What's the story
Dropping for the fourth straight session, equity benchmark Sensex tumbled 562.34 points on Wednesday following losses in index majors Reliance Industries, HDFC Bank, and ICICI Bank amid a weak trend in global markets ahead of the US Federal Reserve's policy outcome.
After a volatile session, the 30-share BSE index tanked 1.12 percent to 49,801.62. The broader NSE Nifty slumped 1.27 percent to 14,721.30.
Information
Who were the top gainers and losers?
ONGC was the top loser in the Sensex pack, declining around five percent, followed by NTPC, Sun Pharma, SBI, IndusInd Bank, Bajaj Auto, PowerGrid, and Reliance Industries. On the other hand, ITC, Infosys, TCS, and HDFC were among the gainers.
Details
High inflation, COVID-19 weighing on investors' sentiments: Expert
"Domestic equities dropped for the fourth consecutive day as concerns pertaining to the recent rise in COVID-19 cases and high inflation in the country continued to weigh on investors' sentiments," said Binod Modi, Head-Strategy at Reliance Securities.
Modi noted that weak cues from global markets ahead of the US Federal Reserve meeting outcome caused selling in domestic equities. The two-day meet started on Tuesday.
Global markets
Brent crude oil trading at $67.78 per barrel
All key sectoral indices witnessed selling pressure with PSU banks, metals, and auto indices witnessing steep correction.
Bourses in Shanghai, Tokyo, and Seoul ended on a negative note, while Hong Kong was in the positive terrain. Stock exchanges in Europe were trading in the red in mid-session deals.
Meanwhile, the global oil benchmark Brent crude was trading 0.89 percent lower at $67.78 per barrel.