Indian equity markets closed sharply lower on Thursday as hawkish commentary from US Federal Reserve Chair Jerome Powell sparked a selloff, with investors turning cautious after the Fed signaled no definite commitment for a further rate cut in December.
The BSE Sensex declined 592.67 points or 0.70 per cent to settle at 84,404.46, while the NSE Nifty 50 fell 176.05 points or 0.68 per cent to close at 25,877.85. The losses were broad-based, led by weakness in IT and telecom counters, even as select heavyweights such as L&T and UltraTech Cement helped cushion the fall.
Top Gainers
topped the gainers’ list, advancing 0.91 per cent to ₹3,987.80, supported by strong order inflows and positive outlook in the infrastructure segment. added 0.66 per cent to ₹409.95, while rose 0.44 per cent to ₹12,051.15. gained 0.38 per cent to ₹16,205.60, and edged 0.22 per cent higher to ₹1,457.85.
Top Losers
was the biggest laggard, slipping 1.64 per cent to ₹2,066.10 amid profit booking. Power Grid Corporation fell 1.45 per cent to ₹291.55, followed by Tech Mahindra, which declined 1.36 per cent to ₹1,433.55. Infosys shed 1.14 per cent to ₹1,493.60, while Bajaj Finance dropped 1.04 per cent to ₹1,051.95.
“Today, Indian markets ended on a negative note, with both Sensex and Nifty recording sharp declines. The primary reason for the downturn was global uncertainty triggered by the US Federal Reserve’s latest 25 basis point rate cut, accompanied by Chair Jerome Powell’s remarks indicating no definite commitment for a further cut in December. This hawkish commentary disappointed investors who were anticipating a more dovish stance and clearer signals about sustained rate easing,” said Abhinav Tiwari, Research Analyst at Bonanza.