Key benchmark stock indices fell over 1% led by weakness in technology stocks.
The S&P BSE Sensex fell 736.37 points, or 1.01%, to 72,012.05. The Sensex stocks that lost the most included TCS (down 4.03%), Nestle (3.37%), IndusInd Bank (3.15%), Wipro (3.05%), HCL Tech (2.62%) and Infosys (2.52%).
The NSE Nifty-50 index, too, was down 238.25 points, or 1.08%, closing at 21,817.45.
Ajit Mishra, Senior Vice President, Technical Research, Religare Broking Ltd., said, “Markets resumed a corrective tone after the recent breather and lost over a percent. All the key sectors settled in the red wherein IT, pharma and FMCG were among the top losers. The broader indices also felt the heat and lost over a percent each.”
Kushal Gandhi, Research Analyst, StoxBox said Indian shares traded lower tracking weak cues from other Asian markets after the Bank of Japan raised interest rates in a historic policy shift.
“Going ahead, the coming week seems to play out a bit volatile indicated by India Vix which gained 1%, and also the U.S.’s Central bank’s accompanying statement and economic projections could further significantly impact the outlook for rates,” he added.
