Indian Equities Tank on Thursday After US Signals Fewer Rate Cuts in 2025

MT Newswires Live2024-12-19

Indian indices fell on Thursday after the US central bank signaled a plan to slow the pace of its rate cuts in 2025.  

The US Federal Reserve projected only two more rate reductions next year, fewer than the market expectations of three to four cuts, spooking investors worldwide.

Sustained foreign capital outflows also weighed on the local benchmarks.

At close, the BSE Sensex dropped 964.15 points, or 1.2%, to 79,218.05, while the NSE Nifty 50 slid 247.15 points, or 1%, to 23,951.70.

Bajaj Finserv (NSE:BAJAJFINSV, BOM:532978) emerged as the top laggard on Thursday, with shares slipping 3%, followed by Asian Paints (NSE:ASIANPAINT, BOM:500820) and JSW Steel (NSE:JSWSTEEL, BOM:500228).

Conversely, Dr. Reddy's Laboratories (NSE:DRREDDY, BOM:500124), Cipla (NSE:CIPLA, BOM:500087) and Bharat Petroleum (NSE:BPCL, BOM:500547) were the top gainers.

In corporate news, The Karur Vysya Bank (NSE:KARURVYSYA, BOM:590003) is opening two new branches in India on Friday, according to a Thursday filing with the stock exchanges.

Meanwhile, Atishay (BOM:538713) secured a contract worth INR55.7 million Indian rupees from the Ayushman Bharat-Haryana Health Protection Authority for printing and delivery of PVC cards, according to a Thursday filing with the bourses.

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