Sensex dips 200 pts, Nifty at 19,400; Adani Power up 3%

Equity benchmark indices weakened on Thursday amid losses across global markets after the Fed’s FOMC minutes showed that officials believed more rate hikes may be needed given upside risks to inflation. The BSE Sensex fell 200 points to 65,300, and the NSE Nifty50 slipped 72 points to below 19,400.

ITC, Nestle, HUL, Power Grid, LTIMindtree, Ultratech Cement, Tata Motors, Cipla and Eicher Motors were the top frontline index drags.

The broader markets held relative strength against muted benchmarks. The BSE MidCap and SmallCap indices rose up to 0.45 per cent.

Sectorally, Nifty Cons durable index gained the most, while FMCG and oil & gas pockets led the weakeness.

Among stocks, Adani Power rose over 2 per cent as GQG Partners on Wednesday bought 8.1 per cent stake in the company for Rs 9,000 crore via multiple block deals.

IRFC dropped 4 per cent amid reports the government is looking to sell an 11.36 per cent stake in the company via an OFS.