Indian Equities Tank on Thursday as US Rate Cut Slowdown Worries Reemerge

Indian indices slumped on Thursday, weighed down by selling in IT stocks as concerns over the pace of US interest rate cuts reemerged.

Interest rate cuts in the US could be slower than expected due to the latest inflation figures.

Such a slowdown could hurt the Indian IT sector, which generates a significant portion of revenue from the US.

At the close, the BSE Sensex fell 1,190.34, or 1.5%, to 79,043.74, while the NSE Nifty 50 dropped 360.75 points, or also 1.5%, to 23,914.15.

SBI Life Insurance ((NSE:SBILIFE, SBILIFE) topped the laggards on Thursday, with shares sliding 5%, followed by Infosys INFY and Mahindra & Mahindra (NSE:M&M, M_M).

Conversely, Adani Enterprises ADANIENT, Shriram Finance SHRIRAMFIN and State Bank of India SBIN were the top gainers.

In corporate news, NTPC Renewable Energy, a wholly-owned subsidiary of NTPC Green Energy NNTPCGREEN, NNTPCGREEN has commissioned the first part capacity of 55 MW out of 105 MW Shajapur Solar Project (Unit-I) at Shajapur in Madhya Pradesh, India, according to a filing to the stock exchanges on Thursday.

Meanwhile, Sunita Tools SUNITATOOL has secured a contract worth 12.9 million Indian rupees for the supply of nine mould bases, according to a Thursday filing to the stock exchanges.