Indices slump as BOJ hikes rates

TCS biggest loser in Sensex pack, down 4%

- JOYDEEP GHOSH

BENCHMARK INDICES SHED over 1% each on Tuesday after the Bank of Japan (BOJ) raised interest rates for the first time in 17 years, ending an eight-year period of negative interest rates in the nation. All eyes are now on the outcome of the US Federal Reserve meeting expected on Wednesday.

The Sensex returns turned negative for calendar year 2024 after it fell 736 points or 1.01% to close at 72,012.

Tata Sons' sale of 0.65% stake in Tata Consultancy Services (TCS) for ₹9,000 crore also contributed to the fall, with the information technology (IT) giant shedding 4% and contributing 20% to the drop the highest amid Sensex stocks.

The Nifty closed at 21,817 points, down 238 points or 1.08%. However, its returns continue to be in the positive territory for the calendar year. Both the BSE mid-cap and small-cap indices also took a knock, falling 1.36% and 1.04%, respectively.