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Indian shares plunged on Monday and the rupee slipped to a record low of 80.09 against the dollar in early trade, as the U.S. Federal Reserve’s aggressive stance to tame inflation sparked a global selloff. <\/p>\n
Fed Chair Jerome Powell delivered a stark warning Friday about the Fed’s determination to fight inflation, saying the “economy<\/span> does not work for anyone” without price stability and the central bank would use its tools “forcefully” that could mean slower growth, a weaker job market and “some pain” for households and businesses.<\/p>\n The benchmark S&P\/BSE Sensex plummeted 1,015 points, or 1.7 percent, to 57,818, while the broader NSE Nifty index was down 290 points, or 1.7 percent, at 17,269.<\/p>\n IT stocks suffered heavy losses, with Wipro, HCL Technologies, Infosys and Tech Mahindra tumbling 3-5 percent.<\/p>\n Metal stocks were also hit hard, with Tata Steel, Hindalco and JSW Steel declining 2-4 percent. <\/p>\n LIC Housing Finance fell nearly 2 percent despite announcing a huge dividend. <\/p>\n Reliance Industries was down 0.6 percent ahead of its AGM today. <\/p>\n FMCG stocks were seeing defensive buying, with Hindustan Unilever, Britannia Industries and Nestle India all rising around half a percent. <\/p>\n<\/p>\n<\/div>\n