On August 29 morning Indian shares witnessed a steep decline and it is mirroring the decline in the US market on August 26 and weakness in the Asian counterparts as the commentary from the US Federal Reserve Chairman Jerome Powell shocked investors.
Jerome Powell in his speech at the Jackson Hole symposium last week said that the US central bank will continue to charge high interest rates. Analysts said the target rate forecast had moved up from 2.50% to 4%.
After his speech, the 30-pack Sensex tumbled about 1,100 points, or 1.85%, to 57,771. The broader Nifty was down 1.9%, or 330 points, at 17,230.
Shareholder’s wealth, reflected in the market cap of BSE-listed companies, fell by Rs 3.90 lakh crore to Rs 273.06 lakh crore.
Tech Mahindra, Infosys, Hindalco Industries, HCL Tech and Wipro, which count the US as their major market, were the worst hit on the Nifty, down 3-6%. Nestle India, Britannia and Apollo Hospitals were the few names to buck the trend to trade in the green.
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