Stocks slide in volatile trading in run-up to Budget, Fed Reserve meet

Nifty50 down 1.3%; Bank Nifty slips 2.5%; FPIs withdraw Rs 2,394 cr

The markets declined more than 1 per cent amid nervousness around the Union Budget 2023-24 (FY24) and the US Federal Reserve’s (Fed’s) rate decision lined up for next week.

The expiry of the derivatives contracts, a shift to a faster T+1 (trade plus one day) settlement cycle, and Hindenburg’s short-sell call shaving $12 billion off Adani stocks also weighed on investor sentiment. 

The benchmark BSE S&P Sensex ended the session at 60,205, with a decline of 773 points, or 1.3 per cent.

The National Stock Exchange Nifty50 closed at 17,892, a fall of 226 points, or 1.3 per cent, over