Sensex falls 300 points as global markets slump on rate cut worries; Nifty below 22,400
Indian shares extended losses for the second consecutive session on Wednesday, mirroring a downturn in global stocks after fresh U.S. data raised worries of the Federal Reserve delaying interest rate cuts. Selling was seen across all major indices.
The BSE Sensex was trading 274 points or 0.37% lower at 73,629. Nifty50 was trading at 22,367, down 86 points or 0.38% at around 9.17 am.
All three major Wall Street stock indices dropped about 1% overnight, while 10-year treasury yields hit a four-month high after data signalling steady labour demand added to concerns of a potential delay in the Fed's rate cut.
In early trading, key contributors to the Sensex decline included Reliance Industries, Bharti Airtel, HDFC Bank, and ICICI Bank.
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