Indian shares fell notably on Monday, tracking weak cues from global markets after February U.S. jobs data offered conflicting signals on the U.S. economic and rate outlook.
The report showed stronger-than-expected jobs creation, un uptick in the unemployment rate to 3.9 percent, cooler wage growth and notable downward revisions to job growth in the previous two months.
The benchmark S&P/BSE Sensex ended the session down 616.75 points, or 0.83 percent, at 73,502.64, reflecting weak global sentiment ahead of key U.S. consumer price inflation and producer price data this week that might influence the Fed’s rate trajectory.
The broader NSE Nifty index fell 160.90 points, or 0.72 percent, to 22,332.65.
Tata Steel, Bajaj Auto, Power Grid Corp and Tata Consumer Products fell 2-3 percent in the Nifty pack while healthcare stocks such as Dr Reddy’s Laboratories, Cipla and Apollo Hospitals Enterprise climbed 1-3 percent on defensive buying.
Insurer SBI Life and FMCG giant Nestle India both added around 2 percent.
SBI dropped 1.8 percent after the Supreme Court cautioned the public sector bank of contempt of court in case it fails to comply with its direction in the electoral bonds case.
Market Analysis
Sensex, Nifty Follow Global Peers Lower
2024-03-11 10:27:03
