Indian shares fell sharply on Friday amid a global sell-off as comments from Federal Reserve Chair Jerome Powell failed to ease concerns around both a spike in inflation and a sustained rise in interest rates. Climbing oil prices also weighed on markets.

The U.S. 10-year yields held above 1.5 percent, while the dollar surged to three-month highs after Powell said he expects some inflationary pressures in the time ahead.

Powell said the recent run-up in bond yields was “notable” and that “disorderly conditions in financial markets” or a broad tightening of financial conditions would provoke a policy change. But he stopped short of saying that recent market gyrations meet those tests.

Powell repeated his pledge to keep credit loose, but offered few signs that the central bank might expand monetary stimulus.

Oil prices jumped over 2 percent in European trade to hit their highest levels in nearly 14 months, after the Organization of the Petroleum Exporting Countries and its allies decided to keep output unchanged in April.

The benchmark S&P BSE Sensex ended the session down 440.76 points, or 0.87 percent, at 50,405.32, while the broader NSE Nifty index dropped 142.65 points, or 0.95 percent, to 14,938.10.

Hindalco, UPL, Tata Motors, Wipro and IndusInd Bank fell 3-4 percent in the Nifty pack, while Hero MotoCorp, Kotak Mahindra Bank, Maruti Suzuki, GAIL and ONGC rose 1-2 percent.




Sensex Tumbles 441 Points; Nifty Ends At 14,938

2021-03-05 10:38:25

Leave a Reply

Pantère Group

Infinity Building
Amstelveenseweg 500
1081 KL Amsterdam, Netherlands

E: Info@pantheregroup.com