Benchmark indices Nifty 50 and Sensex extended their losses today, driven by sharp declines in domestic banking stocks, after the US Federal Reserve indicated a slower pace of rate cuts.
The US Federal Reserve lowered its benchmark interest rate by 25 basis points to 4.25%-4.50% but signalled only two rate cuts in 2025, leading to market caution.
The Sensex fell by 964.16 points to 79,218.05, and the Nifty 50 dropped by 247.15 points to 23,951.70, marking a third consecutive day of declines.
Losses were mainly driven by profit-booking in key sectors, with 39 out of 50 Nifty stocks finishing in the red.
The Nifty Bank index dropped 563.85 points to 51,575.70, hit by investor caution amid global market weakness.
Top losers included Bajaj Finserv, Asian Paints, and JSW Steel, with Asian Paints reaching a four-year low due to executive departures.
Pharma stocks gained, with Dr. Reddy’s Laboratories rising 4%, and sugar stocks surged following support for higher exports and MSP increases.
TCS saw minor gains, and IPCA Laboratories rose by 5% after a positive stake sale by its promoter.
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