India's Sensex crashes 927 points, tracking global cues

Mumbai: India's domestic equity market suffered losses on Wednesday, tracking weak global cues. Growing concerns over the anticipation that US Federal Reserve might keep interest rates higher for longer kept investors on their toes.

The key indices in the domestic market -- BSE Sensex went down 927 points and settled at 59,744.98 level while NSE Nifty lost 280 points and closed the session at 17,546.55 level. Among the most active stocks on BSE that went up on Wednesday were Supreme Petrochem, Thermax, Johnson Controls-Hitachi Air Conditioning India, Religare and Carysil. The Reserve Bank of India is also set to release the minutes of its policy meeting that happened in early February on Wednesday. Investors await cues on the trajectory of rate hikes by the central bank.
Uflex, Adani Enterprises. Shilpa Med, Astra Micro and Adani Ports are among the laggards on BSE.

Adani Group firms continued with losses on Wednesday. Adani Enterprises' shares was trading 11 per cent down to Rs 1,397.50 apiece. Adani Ports was down 7.24 per cent to Rs 540.95 apiece and Adani Green lost 5 per cent to Rs 539.05 apiece. Adani Wilmar lost 5 per cent to Rs 390.30 apiece while Adani Trasmission lost 5 per cent to Rs 789.20 apiece.

In Asian markets, Hong Kong's Hang Seng dropped 105 points, S&P ASX went down 27 points, Japan's Nikkei declined 368 points, Thailand Set lost 9 points and China's Shanghai SE went down 15 points.

In American markets, Dow Jones lost 697 points, S&P 500 lost 81 points and Nasdaq Composite and NYSE Composite was trading in the green.

In European markets, CAC 40 went down 40 points, FTSE 100 lost 84 points, Deutsche Borse declined 122 points and Madrid SE lost 11 points.

According to US market data, indices suffered their worst session of the year on Tuesday, dragged down by a disappointing forecast from Home Depot and growing concerns that the Federal Reserve will keep interest rates higher for longer.

The unemployment rate has fallen to a 53-year low, and retail sales are growing at a healthy clip. That combination has led investors to expect the Fed to continue raising interest rates and then keep them elevated for longer.