Indian shares ended sharply lower on Wednesday, tracking weakness across Asia and Europe. Oil prices hit their highest level in seven years, fueling concerns about inflation and higher interest rates.
Earlier today, New Zealand’s central bank hiked interest rates for the first time in seven years and signaled further tightening so as to maintain low inflation and support maximum sustainable employment.
In Europe, the Romania central bank hiked rates on Tuesday and Poland is expected to follow suit on Thursday.
The U.S. nonfarm payrolls data due later this week is seen as crucial in influencing the timing of the start of winding down the Fed’s QE program.
Closer home, the benchmark 30-share BSE Sensex ended the session down 555.15 points, or 0.93 percent, at 59,189.73, snapping a two-day winning streak.
The broader NSE Nifty index dropped 176.30 points, or 0.99 percent, to finish at 17,646.
Financials and commodity-related stocks led losses, with JSW Steel, Tata Steel, IndusInd Bank, SBI Life and Hindalco losing 3-4 percent.
On the positive side, ONGC rose 2.2 percent to extend gains from the previous session as oil prices hit multi-year highs.
Tata Consumer Products gained 2.5 percent while HDFC Bank, Britannia Industries and UPL all ended up more than 1 percent.
Sensex, Nifty Tumble Amid Global Selloff
2021-10-06 11:23:38
