Indian equity benchmarks on Tuesday plunged sharply, extending their fall for the third straight session dragged by losses in consumer and technology stocks.
The domestic indices have seen volatile moves in the past week amid worries over surging inflation and an expected interest rate hike by the Reserve Bank of India (RBI) in its policy meeting, due on June 8. The Reserve Bank is expected to raise the key lending rate again after an unscheduled hike in May.
Investors also await U.S. inflation data and rate decisions in Europe.
The 30-share BSE Sensex fell 568 points or 1.02 per cent to close at 55,107 today, while the broader NSE Nifty moved 153 points or 0.92 per cent down to settle at 16,416.
Mid- and small-cap shares finished on a weak note as Nifty Midcap 100 dropped 0.67 per cent lower and small-cap slipped 0.59 per cent higher.
Meanwhile, shares of Life Insurance Corporation of India (LIC), the country’s biggest insurer and largest domestic financial investor, plunged to a new intraday low of Rs 751.