Indian shares ended lower for a second day running on Monday amid lingering concerns about rapid U.S. rate rises and slowing growth as Covid cases continued to spread in China.
As inflation risks mount, investors expect the Federal Reserve to raise rates by 50 bps at the May meeting, followed by even bigger hikes in subsequent months in order to tame soaring inflation.
Shanghai officials today reported 51 COVID-related deaths for the previous day, the highest daily tally recorded in China since the initial outbreak in Wuhan two years ago. There were fears that coronavirus restrictions in China would extend to Beijing.
The benchmark S&P BSE Sensex fell over 800 points before recouping some losses to end the session down 617.26 points, or 1.08 percent, at 56,579.89.
The broader NSE Nifty index dropped 218 points, or 1.27 percent, to 16,953.95, dragged down by commodity-related stocks. Hindalco, Tata Steel, BPCL and Coal India lost 3-7 percent.
Market Analysis
Sensex, Nifty Follow Global Peers Lower; Commodity Stocks Drag
2022-04-25 10:43:37
