Closing Bell: Indices nosedive, Sensex tanks more than 1,000 points to close at 54,303, Nifty ends at 16,202; All sectoral indices in red

"Nifty June series sentiment remains weak. Sell on rise advisable for the near term. Only a strong matured reversal will change the monthly outlook. Selective stocks are available at medium term value levels while broadly risk reward remains skewed. Liquidity remains the main reason behind the current corrective phase,"SahajAgrawal, Head of Research- Derivatives atKotakSecuritiessaid.

The benchmark indices erased all its previous day's gains and fell nearly 2 percent following weakness in global counterparts amid fear of faster policy tightening. Investors await US inflation data which is due later today.

The Nifty50 plunged 288 points or 1.75 percent to 16,190, and the BSE Sensex fell 1,053 points or 1.9 percent to 54,267, as all sectoral indices traded in red.

IIFL Finance shares rallied more than 10 percent after the Abu Dhabi Investment Authority (ADIA) has picked up a 20 percent stake in its subsidiary IIFL Home Finance for Rs 2,200 crore.

The Abu Dhabi sovereign wealth fund will make the investment through a wholly-owned subsidiary, said IIFL Home Finance, which is among the largest affordable housing financiers with assets under management of Rs 23,617 crore.

IIFL Home Finance has entered into a definitive agreement for raising Rs 2,200 crore of primary capital for a 20 percent stake from a wholly-owned subsidiary of ADIA. The deal completion is subject to regulatory approvals, it said in a statement on Thursday.

European markets fell more than one percent each after digesting European Central Bank's rate hike commentary and awaiting US inflation data due later today. European Central Bank hinted that it will hike interest rates by 25 bps in July policy meeting, followed by next in September.

Transformers and Rectifiers (India) Limited has been awarded orders of Transformers for total contract value of
Rs. 186 Crores from one of the State Utility. This order falls under the normal course of business. With this order, the Company’s Order book as on date stands at Rs. 1482 Crores.

Indices tank more than 1.75%, Sensex trading lower by around 1000 points, Nifty below 16,200
The Sensex was trading lower by 1,021.7 points or 1.85% at 54,299 and the Nifty was lower by 284.2 points or 1.73% at 16,214.45. About 1185 shares have advanced, 2025 shares declined, and 140 shares are unchanged.

Source:BSE

Source:NSE

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Fitch Ratings has revised the Outlook on India's Long-Term Foreign-Currency Issuer Default Rating (IDR) to Stable, from Negative, and has affirmed the IDR at 'BBB-'.The Outlook revision reflects our view that downside risks to medium-term growth have diminished due to India's rapid economic recovery and easing financial sector weaknesses, despite near-term headwinds from the global commodity price shock. We expect robust growth relative to peers to support credit metrics in line with the current rating.High nominal GDP growth has facilitated a near-term reduction in the debt-to-GDP ratio, but public finances remain a credit weakness with the debt ratio broadly stabilising, based on our expectation of persistent large deficits. The rating also balances India's external resilience from solid foreign-exchange reserve buffers against some lagging structural indicators.

Indices tank more than 1.5%, Sensex trading lower by around 950 points, Nifty around 16,200
The Sensex was trading lower by 952.7 points or 1.72% at 54,4372.6 and the Nifty was lower by 263.6 points or 1.6% at 16,214.45. About 1156 shares have advanced, 2010 shares declined, and 144 shares are unchanged.

Source: NSE