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In its latest policy meeting, the Federal Reserve lowered its benchmark interest rate by 25 basis points, taking it to a target range of 4.25%-4.50%. However, officials signalled just two additional rate cuts in 2025, down from the four forecasted in September.
The revised projections reflect heightened caution as the Fed grapples with persistent inflation and an economy performing above expectations.
The Sensex fell 964 points, closing at 79,218, while the Nifty 50 dropped 247 points, settling at 23,952. With this fall, the indices are now down for the third consecutive day.
The losses were exacerbated by profit-booking in key sectors, with 39 out of the 50 Nifty stocks finishing the day in the red.
The broader market also saw significant losses, with the Midcap index slipping 167 points to end at 58,556. The Nifty Bank index was particularly hard-hit, dropping 564 points to 51,576, as investors turned cautious amid global market weakness.
Among the top losers were Bajaj Finserv, Asian Paints, and JSW Steel, all of which saw steep declines in their stock prices. Asian Paints, in particular, fell to its lowest level in nearly four years following the departure of two of its top executives, raising concerns over leadership changes at the company.
In contrast, certain sectors bucked the trend. Pharma stocks continued their upward momentum, with some gaining up to 5%. Dr. Reddy’s Laboratories (DRL) emerged as the top gainer on the Nifty, rising 4% after Nomura upgraded its rating to “Buy,” citing strong growth prospects for the company.
Sugar stocks also surged, driven by comments from India’s Transport Minister Nitin Gadkari, who announced that the government would support higher sugar exports and increase the Minimum Support Price (MSP) for sugarcane.
Tata Consultancy Services (TCS) saw minor gains after the company dismissed reports that Starbucks was planning to exit the Indian market, providing some relief to investors. The company’s stock ended the session in positive territory, despite the broader market weakness.
In a noteworthy development, IPCA Laboratories saw a 5% rise in its share price after the company’s promoter sold a 1.6% stake in the company for ₹600 crore. The stock gained traction as investors interpreted the stake sale as a positive sign for the company’s financial health.
