Fed forecast roils D-St! Investors lose Rs 6 lakh crore within minutes as Sensex crashes 1,000 pts
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Indian benchmark equity indices opened sharply lower on Thursday, with the Sensex plunging over 1,000 points and the Nifty falling below the 24,000 mark. The decline followed the US Federal Reserve's projection of fewer interest rate cuts in 2025, citing persistent inflation and the resilience of the world's largest economy. The market capitalization of all listed companies on the BSE decreased by Rs 5.94 lakh crore to Rs 446.66 lakh crore. HDFC Bank, Infosys, ICICI Bank, Reliance Industries, SBI, and HCL Tech together accounted for a 600-point drop in the Sensex. Axis Bank, M&M, Kotak Bank, and Bajaj Finance also contributed to the decline. US rate-sensitive domestic IT firms, which derive a significant portion of their revenue from the US, opened up to 5% lower, led by LTIMindtree, Mphasis, and Wipro. Meanwhile, the India VIX fear gauge surged 5% to 14.37. Factors 1) Fed signals fewer rate cuts The US Federal Reserve announc...