Indian shares crashed on Monday, mirroring weak global cues as an unexpected jump in U.S. consumer inflation added to concerns about faster policy tightening and an impending recession.
The rupee fell to a new record low of 78.15 against the greenback and India’s benchmark 10-year bond yield rose to its highest in more than three years amid expectations the Federal Reserve will keep raising rates through the September meeting and beyond.
The benchmark S&P BSE Sensex plunged 1,463 points, or 2.7 percent, to 52,839 in early trade, while the broader NSE Nifty index was down 423 points, or 2.6 percent, at 15,778.
Financials, auto and metal stocks succumbed to selling pressure, with ICICI Bank, Tata Motors, Bajaj Finance, Hindalco and Bajaj FinServ losing 4-5 percent.
Market Analysis
Sensex, Nifty Nosedive Amid Global Selloff
2022-06-13 04:20:33
