Market Wrap: Sensex slips 500 pts, Nifty ends below 24,200 as Fed rate cut worries extend sell-off
Nifty closed 137 points lower on Wednesday ahead of its Thursday weekly expiry and as caution prevailed ahead of the U.S. Federal Reserve interest rate decision due at midnight. Selling in heavyweight lenders HDFC Bank and ICICI Bank weighed on the benchmarks.
The benchmark BSE Sensex lost 502.25 points or 0.62% to settle at 80,182.20, while the broader Nifty 50 index closed at 24,198.85, lower by 137.15 points or 0.56%.
Financial stocks were the biggest drags on the benchmarks, with the Nifty financial services closing 1.2% lower, while Nifty Bank and Nifty PSU posted 1.3% and 1.9% declines for the day, respectively.
Nifty 50 heavyweights HDFC Bank and ICICI Bank fell over 1.4% and were the biggest drags on the benchmark.
Online payments firm One Mobikwik Systems ended 20% higher and budget retailer Vishal Mega Mart closed 1.6% higher on their trading debuts.
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