Sensex, Nifty Nosedive On Global Cues

(RTTNews) - Indian shares tumbled on Monday as hawkish comments from several Federal Reserve officials bolstered the dollar and spurred speculation that central banks may be running out of ammunition to support economic growth.

Weak global cues on the back of a sell-off in oil and bond markets, falling rupee and renewed concerns about North Korea's nuclear test also spooked investors ahead of IIP and inflation data due later in the day.

The S&P BSE Sensex tumbled 443.71 points or 1.54 percent to 28,353.54, marking its biggest single-day loss since the Brexit fallout on June 24.

The benchmark index hit as low as 28,251.31 earlier in the session on heightened fears that the U.S. Federal Reserve may raise rates for the second time at its rate-setting meeting on September 20-21.

The broader CNX Nifty index hit as low as 8,699.40 before closing at 8,715.60, down 151.10 points or 1.70 percent from its previous close.

Hindalco, Yes Bank, Tata Steel, Adani Ports, SBI, Larsen & Toubro, NTPC, Axis Bank, Tata Motors and Mahindra & Mahindra were among the worst performers, with losses ranging between 3 percent and 9 percent.

Tech shares bucked the downward trend after recent steep losses, with Tech Mahindra and Infosys rising 1-2 percent.

In a significant development, the Union Cabinet today cleared the process, formation and functioning of the GST Council, which will decide the rate of tax under the new indirect taxation regime, likely to kick in from April 1, 2017.