Market Wrap | Fed fears trigger sell-off: Sensex tanks over 1,000 points; Nifty settles below 24,350
HDFC Bank and ICICI Bank and declines in blue-chip stocks like Reliance Industries and Bharti Airtel weighed on the benchmarks.
The benchmark BSE Sensex lost 1064.12 points or 1.30% to settle at 80,684.45, while the broader Nifty 50 index closed at 24,336.00, lower by 332.25 points or 1.35%.
Shares of HDFC Bank, Reliance Industries, Bharti Airtel, Tata Consultancy Services, and Larsen & Toubro were the biggest drags on the Nifty 50 benchmark, skidding around 2% each.
A weakness in financial stocks dragged the benchmarks the most, with the Nifty financial services closing 1.4% lower, while Nifty Bank and Nifty PSU posted 1.4% and 1.8% declines for the day, respectively.
HDFC Bank — the heaviest stock on the Nifty 50 — plunged more than 1% during the trading session after the lender got a warning letter from the markets regulator, Sebi, alleging its disclosures regarding the resignation of a senior employee were non-compliant with certain provisions.
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