Indian shares opened lower on Thursday, tracking weak global markets after the U.S. Federal Reserve raised inflation expectations and forecast rate hikes in 2023.
It is feared that a tapering of asset purchases by the Fed may impact foreign institutional investor (FII) flows into emerging markets, including India.
The benchmark BSE Sensex dropped 206 points, or 0.4 percent, to 52,296 in early trade, while the broader NSE Nifty index was down 68 points, or 0.4 percent, at 15,699.
Hindalco, HDFC Bank, HDFC, Adani Ports and Tech Mahindra all fell about 1 percent, while Asian Paints rose 1.2 percent after hiking prices of all products in the decorative segment.
Infosys and TCS were little changed. Media reports suggest that domestic software firms are set to slash headcounts by a massive 3 million by 2022.
Wipro dropped half a percent. The company has signed a partnership with Exaware to develop advanced engineering solutions that foster innovation in the networking industry.
SBI slipped 0.6 percent ahead of a board meeting next week to consider raising capital.
L&T Infotech was little changed. The company has signed an agreement to acquire digital engineering firm Cuelogic in an $8.4 million deal.
KEC International climbed 1.8 percent on news it has bagged new orders worth Rs.937 crore across various business segments.
CESC jumped 3.3 percent on posting over 13 percent jump in its March quarter consolidated net profit.
Market Analysis
Sensex, Nifty Drift Lower As Fed Signals Rate Rise In 2023
2021-06-17 04:12:56
