Sensex sinks 581 points on weak global cue; Nifty closes below 17,150

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Investors fear foreign capital outflows from emerging markets like India after rate hikes in the U.S.

Equity benchmark Sensex tumbled 581 points on Thursday, in tandem with a global selloff after the U.S. Federal Reserve signalled policy tightening from March.

The 30-share index ended 581.21 points or 1.00% lower at 57,276.94. Similarly, the NSE Nifty plunged 167.80 points or 0.97% to 17,110.15.

HCL Tech was the top loser in the Sensex pack, skidding over 4%, followed by Tech Mahindra Dr Reddy’s, Wipro, TCS, Titan and Infosys.

On the other hand, Axis Bank, SBI, Maruti and Kotak Bank were among the gainers.

The U.S. Federal Reserve on Wednesday indicated that there is ample room to raise interest rates to fight inflation.

Investors fear foreign capital outflows from emerging markets like India after rate hikes in the U.S.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo ended sharply lower on the hawkish Fed stance.

Stock exchanges in Europe were also largely trading in the red in mid-session deals.

Meanwhile, international oil benchmark Brent crude fell 0.16% to $89.82 per barrel.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out ₹7,094.48 crore Tuesday, as per provisional data.

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