Indices close lower as Fed rules out December cut

THE BENCHMARK INDICES fell up to 0.70% on Thursday, weighed down by the US Federal Reserve’s comments ruling out a rate cut in its next policy announcement in December, amid mixed global cues.

- KISHOR KADAM

The Sensex slumped 592.67 points, or 0.70%, to close at 84,404.46, while the Nifty declined 176.05 points, or 0.68%, to 25,877.85.

“A further reduction in the policy rate at our December meeting is not a foregone conclusion — far from it. Policy is not on a preset course,’ Federal Reserve Chairman Jerome Powell said at a press conference after policymakers delivered a widely expected quarter-point rate reduction on Wednesday.