E-Paper
Sensex, Nifty crash after Fed rate cut announcement: Top losers today
Indian stock markets fell sharply as the US Federal Reserve indicated fewer rate cuts next year, with the Sensex down 880 points and Nifty down 269 points.
Indian stocks markets today dropped sharply in early trade on Thursday, following the US Federal Reserve indicating fewer rate cuts next year. The benchmark indices, Sensex and Nifty, tumbled significantly in early trade, with all 30 blue-chip stocks on the BSE and NSE slipping into the red.
As of 10.30 am, the 30-share BSE benchmark Sensex plummeted 880 points to 79,301, while the NSE Nifty dropped 269 points to 23,969. Both indices have lost over 3% so far this week, marking their first weekly decline in five weeks.
Stock market crash: Top losers today
All the 30 blue-chip stocks were trading lower. The more domestically-focussed smallcaps and midcaps, as well as all 13 major subsectors retreated in early trade.
The stocks which took the biggest hit on Thursday are:
- Asian Paints
- Bajaj Finance
- Bajaj Finserv
- Kotak Bank
- JSW Steel
- Infosys
- Mahindra and Mahindra
- Tech Mahindra
- HDFC Bank
- ICICI Bank
Sharp sell-off after Fed rate announcement
The sharp sell-off was triggered by global market weakness after the US Federal Reserve signaled fewer interest rate cuts in 2025. While the Fed had widely anticipated a 25-basis-point rate cut, its forecast for just two further quarter-percentage-point reductions next year was more conservative than previously expected. The central bank's projection, citing persistent inflation and strength in the US economy, signaled a more cautious approach than investors had hoped for.
Rate cuts in the US typically help emerging market assets, such as Indian equities, as they boost foreign inflows.
Ajay Bagga, Banking and Market Expert told ANI that "Risk off is hitting all markets today as the Fed projections of rate cuts for 2025 led to a steep sell off in US stocks, Gold, Silver, EM currencies vs the US Dollar and led to bond yields in the US going up. Asian markets are seeing the same sell off today and Indian markets are pointing to a gap down opening due to the weak global cues".
