Sensex jumps 500 points, Nifty tops 17500

Stocks struggled to make headway on Wednesday, with the dollar clinging to losses and bonds clinging to gains as signs of a slowing U.S. labor market made investors jittery about the economic outlook

Global stock markets stumbled on Wednesday as signs that the economic outlook was weakening prompted caution, while a higher-than-expected interest rate hike from New Zealand lifted the Kiwi dollar.

European shares fell, with the broad STOXX 600 retreating from Tuesday’s one-month highs. U.S. stock futures fell and Japan’s Nikkei fell 1.6%, its biggest one-day percentage decline since mid-March.

MSCI’s world stock index further retreated from Tuesday’s near seven-week highs, while Asian trade was thinned by holidays in Hong Kong and China.

Weak U.S. economic data this week exacerbated recession fears and dented recent stock market gains.

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