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

Date:

Share post:

[ad_1]

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

Sign up now for unlimited access to Reuters.com

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.

Sign up now for unlimited access to Reuters.com

Reporting by Chris Thomas in Bengaluru; Editing by Neha Arora

Our Standards: The Thomson Reuters Trust Principles.

[ad_2]

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img

Related articles

From London to Delhi: The Visionary Powering India’s Fastest-Growing Finance Platform

In the vast landscape of Indian startups, stories of ambition are common. Stories of belonging, however, are rare....

Sugar Is Destroying Your Skin Faster Than You Think

Sugar, though often considered a harmless indulgence, is emerging as a significant culprit behind premature skin aging and...

Trump Rift with Tim Cook Could Spell Trouble for Apple — Here’s Why

Trump has stirred new controversy by admitting he has a “little problem” with Apple CEO Tim Cook, specifically...

PM Modi Asserts Bold Stand on Water Rights, Defends Nation’s Sovereignty

PM Modi Asserts Water Rights Over Pakistan In a move that has reignited tensions between two longstanding regional rivals,...