Powell’s Hawkish Tone Triggers 590-Point Slide in Indian Equities

A wave of selling hit Dalal Street Thursday after Fed Chair Jerome Powell cautioned that a December rate cut was uncertain, sending global markets lower. The Sensex dropped nearly 590 points while the Nifty fell below 25,900 amid broad weakness in financials and IT. Analysts said investors chose profit-taking over risk amid rising U.S. yields. Broader participation also weakened, though energy stocks lent partial support. Traders expect short-term consolidation until clarity emerges on global monetary and domestic earnings trajectories.