Sensex plummets 382 points on global headwinds

Sensex plummets 382 points on global headwinds

Markets ended over a per cent lower on Wednesday following geopolitical concerns and selling ahead of the release of the minutes of the FOMC (Federal Open Market Committee) meeting. While the S&P BSE Sensex shed 381.95 points (1.48 per cent) to end at 25,482.52, the Nifty 50 closed 105.75 points (1.35 per cent) lower at 7,731.80.

“The equity market took a sharp beating in post lunch trade. Infosys, ICICI Bank, HDFC and ITC were among the major losers. Asian shares traded mixed as investors remained cautious over the latest global geopolitical developments in the wake of Paris terror attacks. Investors may have also lightened their positions ahead of the FOMC minutes of meeting, which will be released past midnight. Investors fear that the language of these minutes of meeting may signal a higher probability of a rate hike in December,” Kotak Securities Vice President-PCG Research Sanjeev Zarbade said.

“The worries over the FOMC minutes and Chinese economy dragged the sentiments of the broader market. The minutes of the FOMC will unveil the possibilities of a rate hike in December. IT stocks were also impacted by the concerns over H-1B visa,” Geojit BNP Paribas Financial Services Head-Fundamental Research Vinod Nair said.

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