Sensex, Nifty Tumble On Interest Rate Worries

Indian shares were deep in the red on Wednesday amid signs that the U.S. Federal Reserve will not rush to lower interest rates.

The benchmark S&P BSE Sensex tumbled 712 points, or 1 percent, to 72,416 in early trade, while the broader NSE Nifty index was down 203 points, or 0.9 percent, at 21,829.

HDFC Bank slumped 5.6 percent after its U.S.-listed shares fell 7 percent, the most since April 2022 post Q3 results.

Tata Steel, Bajaj Auto, Axis Bank and Hindalco all fell around 2 percent.

L&T Technology Services jumped nearly 3 percent on positing 13 percent growth in quarterly net profit.

TCS and HCL Technologies were up around 1 percent each.

State-run oil marketing companies such as BPCL, HPCL and IOC were seeing marginal gains after reports that they may cut petrol and diesel prices by Rs. 5-10 per liter next month.

Bank of Maharashtra rallied 2.4 percent on reporting a 34 percent rise in Q3 profit.
Maruti Suzuki India fell over 1 percent on price hike buzz.

Federal Bank shed 0.6 percent after reporting mixed earnings for the December quarter.

Asian Paints dropped half a percent ahead of its earnings release.

Rail Vikas Nigam soared 4.4 percent after if formed a joint venture for green energy projects.

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