The S&P BSE Sensex index ended 471.01 points or 0.96 per cent lower at 48,690.80 and the broader NSE Nifty 50 benchmark settled at 14,696.50, shedding 154.25 points or 1.04 per cent from its previous close.
Tata Steel was the top laggard in the Nifty-50 universe, ending 4.77 per cent lower. Hindalco, JSW Steel, IndusInd Bank, BPCL and HUL were among other laggards, falling around 3 per cent each.
On the other hand, Tata Motors was the biggest gainer in the pack, finishing the session with a gain of 3.17 per cent. Titan, Maruti Suzuki, Power Grid, Cipla and SBI were among other gainers, rising 1-2 per cent each.
Speculation that surging commodity prices and growing inflationary pressure in the United States could lead to earlier rate hikes and higher bond yields globally sent Asian shares to two-month lows, although US Federal Reserve officials reiterated a firmly dovish policy stance.
Moody’s warned on Tuesday that the second wave of the pandemic would slow near-term economic recovery in India, slashing its real GDP growth forecast to 9.3 per cent from 13.7 per cent for the fiscal year ending March 2022.
THIS IS A DEVELOPING STORY. MORE TO COME…
