Indian shares ended lower on Thursday to snap a three-day winning streak after the U.S. Federal Reserve signaled that two more rate increases are on the way.
The dollar traded higher and Treasury yields rebounded after the Federal Reserve held interest rates steady on Wednesday, as widely expected, but signaled that borrowing costs will likely rise by another half of a percentage point by the end of this year.
Disappointing data from China also rekindled concerns about the global economic outlook.
The benchmark S&P/BSE fell 310.88 points, or 0.49 percent, to 62,917.63 after gaining for three consecutive sessions. The broader NSE Nifty index dropped 67.80 points, or 0.36 percent, to 18,688.10.
Auto, banking and IT heavyweights were the top drags, with Kotak Mahindra Bank, SBI, IndusInd Bank, Wipro and Hero MotoCorp falling 2-4 percent.
Healthcare stocks outperformed, with Cipla, Dr Reddy’s Laboratories, Divis Laboratories and Apollo Hospitals Enterprise rallying 2-4 percent.
Property developers rose in a subdued market, with Brigade Enterprises and Godrej Properties climbing 3-4 percent.
Market Analysis
Sensex, Nifty Snap Three-day Winning Run
2023-06-15 10:28:15
