Indian shares plunge on global uncertainties

Published: December 26, 2018 12:10:26 | Updated: December 29, 2018 11:32:27

File Photo (Collected)

Indian shares fell on Wednesday, with major indexes falling over 1.0 per cent as investors fretted over political uncertainties in the US amid concerns of a slowdown in global growth.

Domestic shares tracked broader Asian markets as a US federal government shutdown and President Donald Trump’s criticism of Federal Reserve Chairman Jerome Powell added to investors’ woes.

MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.18 per cent, reports Reuters.

The Fed’s decision on rate hikes last week sent global markets falling over concerns of global economic growth following disappointing economic data from China and Europe earlier this month.

The broader NSE Nifty was down 0.85 per cent at 10,573.05 as of 0539 GMT, while the benchmark BSE Sensex was 0.94 per cent lower at 35,135.15.

Brent crude oil futures fell to below $50 a barrel for the first time since July, 2017.

Index heavyweight Reliance Industries Ltd was the biggest laggard on the NSE index, falling 1.8 per cent.

Software services exporter Tata Consultancy Services Ltd and Infosys Ltd were down 1.8 and 1.4 per cent, respectively while Yes Bank Ltd slipped 3.4 per cent.

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