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Sensex, Nifty Tumble Ahead Of Fed Minutes
(RTTNews) - Indian shares fell sharply on Wednesday, as risk aversion gripped markets ahead of the release of Federal Reserve's December meeting minutes later in the day that might contain hawkish comments from U.S. policymakers.
Falling oil prices, gains in rupee and encouraging data on India's services sector failed to aid sentiment.
India's service sector activity expanded at the fastest pace in six months amid robust inflow of new orders and favorable market conditions, results of the purchasing managers' survey by S&P Global showed. The corresponding PMI climbed to 58.5 in December from 56.4 in November.
The benchmark S&P BSE Sensex ended the session down 636.75 points, or 1.04 percent, at 60,657.45 after two days of gains.
The broader NSE Nifty index settled 189.60 points, or 1.04 percent, lower at 18,042.95, dragged down by commodity-related stocks.
ONGC, Tata Steel, Coal India, Hindalco and JSW Steel fell 2-4 percent amid concerns over the current COVID-19 situation in China and expectations of an impending global recession.
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