Indian stocks fall, tech drags on US rate hike fears.

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A man looks at a screen showing budget news in front of the Bombay Stock Exchange (BSE) building in Mumbai, India, on February 1, 2022. REUTERS/Francis Mascarnhas

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BENGALURU, Sept 14 (Reuters) – Indian shares fell on Wednesday, led by a sharp decline in technology stocks, as better-than-expected U.S. inflation data fueled concerns that the Federal Reserve may not see a tightening of its hawkish policy.

The NSE Nifty 50 index (.NSEI) was down 1.04% at 17,882.65, while the S&P BSE Sensex (.BSESN) slipped 1.1% to 59,902.74 as of 0348 GMT.

In early trade on Wednesday, the Nifty and Sensex fell 1.65% and 1.91% respectively, posting their biggest intraday decline in over two weeks.

The Nifty IT index ( .NIFTYIT ) was the hardest hit in Mumbai, sliding 3.7%, while IT majors Infosys ( INFY.NS ) and Tata Consultancy Services ( TCS.NS ) each fell around 3.5%.

Wall Street fell the most since June 2020 and Asian shares slipped after U.S. consumer price data unexpectedly rose in August, bolstering expectations that the Fed will deliver a third 75-basis-point hike next week.

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Reporting by Chris Thomas in Bengaluru; Editing by Neha Arora

Our Standards: The Thomson Reuters Trust Principles.

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