Indian shares opened sharply lower on Friday, mirroring weak global cues as investors awaited the release of all-important U.S. inflation data later in the day for clues on whether the Fed will continue its aggressive tightening in the second half of the year.
Sentiment was also weighed down by elevated crude oil prices and persistent capital outflows.
The benchmark S&P BSE Sensex tumbled 730 points, or 1.3 percent, to 54,589 in early trade, while the broader NSE Nifty index was down 204 points, or 1.2 percent, at 16,274.
Metal, financial and IT stocks led losses, with Hindalco, Kotak Mahindra Bank, Tech Mahindra, Bajaj Finance and Wipro all falling around 3 percent.
HDFC fell 2.2 percent after hiking its prime lending rates on housing loans by 50 basis points.
Coal India was little changed after it issued a tender for purchasing imported coal for power generating companies.
Bajaj Auto rose over 1 percent on share buyback news.
Dr Reddy’s Laboratories was down about 1 percent after its subsidiary inked an exclusive collaboration and license agreement with Nasdaq-listed Olema.
Shriram Transport Finance Company dropped 0.7 percent after raising $250 million from U.S. International Development Finance Corporation.
HFCL rallied 2.6 percent on winning new orders worth Rs 73.39 crore.
Sensex Down Over 700 Points; Nifty Dips Below 16,300
2022-06-10 04:14:45
