Sensex ends 709 points lower, telecom and banking stocks under pressure

Sensex ends 709 points lower, telecom and banking stocks under pressure

Equity benchmark indices closed 2 per cent lower on Thursday as traders booked profit a day after the US Federal Reserve said that it sees interest rates near zero through 2022.

On the economic front, Standard and Poor's affirmed its rating on India's long-term foreign and local currency sovereign credit at the lowest investment-grade level but retained a stable outlook on the economy.

At the closing bell, the BSE SandP Sensex was down by 709 points or 2.07 per cent at 33,538 while the Nifty 50 edged lower by 214 points or 2.12 per cent at 9,902.

All sectoral indices at the National Stock Exchange were in a sea of red with Nifty PSU bank down by 3.7 per cent, financial service by 2.3 percent, auto by 2 per cent and IT by 1.4 per cent.

Among stocks, telecom stocks plunged as the Supreme Court asked operators to present their views on a timeframe to pay the adjusted gross revenue (AGR) dues and the nature of guarantees.