Sensex Drops 300 Points, Nifty Below 15,700 On Weak Global Cues
The Indian equity benchmarks staged a gap down opening on the back of weak global cues after US Federal Reserve stunned investors by signalling it might raise interest rates at a much faster pace than assumed, sending bond yields and the dollar sharply higher. The Sensex fell as much as 402 points and Nifty 50 index fell below its important psychological level of 15,700.
As of 9:21 am, the Sensex was down 270 points at 52,231 and Nifty 50 index slipped 82 points to 15,685.
The Federal Reserve on Wednesday began closing the door on its pandemic-driven monetary policy as officials projected an accelerated timetable for interest rate increases, opened talks on how to end crisis-era bond-buying, and said the 15-month-old health emergency was no longer a core constraint on US commerce.