Sensex plunges 1,400 points as Wall Street gets rate hike jitters – Times of India

Sensex plunges 1,400 points as Wall Street gets rate hike jitters – Times of India

MUMBAI: An overnight rout on Wall Street on Wednesday, on fears of sharp hike in interest rates in the US, affected investor sentiment on Dalal Street on Thursday that led to a 1,416-point or 2. 5% crash in sensex. Globally, including in India, investors fear that aggressive rate hikes could stagnate growth, just when the world economy was looking like reversing from the Covid pandemic-induced slowdown.
Foreign funds led the selloff with index-heavyweights like Infosys, Reliance Industries and TCS contributing the most. ITC bucked the trend with a 3. 3% jump after the FMCG major announced a robust set of numbers on Wednesday. The day’s sharp slide left investors poorer by Rs 6. 7 lakh crore, the second sharpest single-day loss in 2022, with BSE’s m-cap at above Rs 253 lakh crore.

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