Sensex, Nifty Decline As Fed Euphoria Fades

Indian shares opened on a sluggish note Thursday, mirroring weak cues from global markets as the “euphoria” over the thought of Fed interest-rate cuts faded and pandemic fears resurfaced.

The benchmark S&P BSE Sensex was down 284 points, or 0.4 percent, at 70,233 in early trade, while the broader NSE Nifty index was down 86 points, or 0.4 percent, at 21,064.

Among the prominent decliners, SBI Life, Larsen & Toubro, Bajaj Auto, Cipla and Axis Bank fell 1-2 percent.

Zee Entertainment Enterprises jumped 4.2 percent. The company said that “‘good faith negotiations” will happen with Sony Group’s India unit to discuss an extension of the merger deadline.

HDFC Bank edged up slightly after raising Rs. 7,425 crores via a bond issue.

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