Sensex drops 300 pts and Nifty50 slips below 16,300 dragged by Financial and It Shares

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India’s BSE Sensex and NSE Nifty50 equity benchmarks fell on Thursday amid a negative trend in global markets, a day after the RBI announced a 50 basis point hike in the key rate as expected. Losses in financials, IT and FMCG stocks dragged major indices lower, although gains in oil and gas certificates provided some support. Broader markets weakened, with the Nifty Midcap 100 and Nifty Smallcap 100 indices falling nearly half a percent in morning trading. Overall, investors were awaiting updates from central bank meetings for clarity on the impact of worsening inflation on interest rates and economic growth.

First post: STI


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