Indian shares followed global peers lower on Wednesday, as hotter-than-expected U.S. inflation data boosted bets that the Federal Reserve will stay aggressive in raising rates.
The downside, however, remained limited despite deteriorating global risk sentiments.
As inflation worries mount elsewhere, provisional data from the Ministry of Commerce and Industry revealed today that India’s wholesale price inflation eased for the third straight month in August, and at a faster-than-expected pace.
The wholesale price index climbed 12.41 percent year-over-year in August, following a 13.93 rise in July. Economists had expected inflation to ease to 13.0 percent.
The benchmark S&P/BSE hit an intraday low of 59,417 and touched a high of 60,649 before eventually ending the session down 224.11 points, or 0.37 percent, at 60,346.97.
The broader NSE Nifty index also ended off its day’s lows at 18,003.75, down 66.30 points, or 0.37 percent, from its previous close.
IT stocks tracked their global peers lower, with HCL Technologies, Tech Mahindra, TCS and Infosys losing 2-5 percent.
Financials topped the gainers list, with Kotak Mahindra Bank, SBI and IndusInd Bank rising 2-4 percent.
PSU stocks such as NTPC and Power Grid Corp rose around 3 percent each.
The rupee traded weak in the afternoon while oil prices edged higher in choppy trade.
Market Analysis
Sensex, Nifty End Off Day’s Lows In Choppy Trade
2022-09-14 10:27:43
