Indian shares ended slightly lower on Thursday, as investors remained on edge ahead of earnings reports from prominent IT companies and U.S. consumer price inflation data that could influence the Fed rate outlook.
The U.S. inflation report is expected to show a slowdown in the annual rate of consumer price growth and could lead the Federal Reserve to ease its pace of rate hikes.
At the same time, a higher-than-expected reading would force the Federal Reserve to keep raising interest rates at a sharp clip.
Continued optimism surrounding China reopening and comments from Fed official Susan Collins backing a quarter-point rate hike at the bank’s next policy meeting served to cap the downside in the broader market.
The benchmark S&P BSE Sensex dropped 147.47 points, or 0.25 percent, to 59,958. 03, extending losses for a third straight session.
The broader NSE Nifty index settled 37.50 points, or 0.21 percent, lower at 17,858.20.
Axis Bank, BPCL, Reliance Industries and Divis Laboratories fell 2-3 percent in the Nifty pack, while Dr Reddy’s Laboratories, Larsen & Toubro, HCL Technologies, UltraTech Cement and SBI Life rose 1-2 percent.
Market Analysis
Sensex, Nifty Extend Losses As Investors Await US Inflation Report
2023-01-12 10:23:55
