Winter sale continues it's back to summer of '24 for D Street
US jobs report dashed investor hopes of rate cuts by the Federal Reserve.
The panic in equities was sharper in the broader market with mid-cap and small-cap indices tumbling nearly 4% each. Analysts said the markets are oversold but the undertone is cautious ahead of Donald Trump taking charge as US President on January 20.
The NSE Nifty fell 1.5%, or 345.55 points, to close at 23,085.95. The BSE Sensex plunged 1.4%, or 1,048.9 points, to close at 76,330. Both indices ended at the lowest closing level since June 6.
The selloff led to a market cap erosion of ₹13 lakh crore.
«The strong US jobs data tempered expectations of an interest rate cut by the US Federal Reserve, while the rupee is hitting a lifetime low because of the consistent foreign selling that is leading to high demand for the dollar,» said Siddhartha Khemka, head of retail research, Motilal Oswal Financial Services.
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