Indian shares gave up early gains to end lower on Thursday and the rupee crashed to a record low for a fourth straight session, as red-hot U.S. inflation data fueled expectations about even more aggressive Federal Reserve monetary tightening at the upcoming policy meeting on July 26-27.
Fed Governor Christopher Waller is scheduled to speak later today amid speculation the Federal Reserve could raise its target fed funds rate by 1 percentage point at its July 26-27 meeting.
“Everything is in play,” Atlanta Federal Reserve Bank President Raphael Bostic said during a tour of Tampa and St. Petersburg.
India’s wholesale inflation eased marginally to a three-month low in June and oil prices fell over 2 percent in European trade on demand worries, helping limit the downside in the broader market.
The benchmark S&P BSE Sensex ended the session down 98 points, or 0.18 percent, at 53,416.15, extending losses for the fourth day running.
The broader NSE Nifty index slipped 28 points, or 0.18 percent, to settle at 15,938.65.
IT and bank stocks led losses, with SBI, Tech Mahindra, Hero Moto Corp, HCL Technologies and Axis Bank falling 1-2 percent.
On the positive side, Dr Reddy’s Laboratories, ONGC and Sun Pharma climbed 2-3 percent.
Market Analysis
Sensex, Nifty Give Up Early Gains
2022-07-14 10:21:35
