Sensex, Nifty Decline On Fed Worries

Indian shares were sharply lower on Monday after the release of hotter-than-expected U.S. producer price inflation data on Friday.

The dollar strengthened against major rivals and bond yields surged on expectations that the U.S. Federal Reserve might keep interest rates higher for longer.

The benchmark S&P BSE Sensex was down nearly 500 points, or 0.8 percent, at 64,823 in early trade while the broader NSE Nifty index was down 170 points, or 0.9 percent, at 19,258.

Adani Ports fell 3.2 percent after Deloite resigned as its auditor, indicating a lack of a wider audit role as auditors of other listed Adani portfolio companies.

Adani Enterprises lost around 5 percent while Tata Motors, Hindalco and Apollo Hospital Enterprise were down 2-3 percent.

Tata Steel dropped 1.6 percent. CEO TV Narendran said the company is not keen on any new acquisitions.

Tata Motors was down 2.6 percent. The company announced the achievement of an outstanding milestone of 1 Lakh Tata EVs.

ITC was slightly lower and Vodafone Idea tumbled 3 percent ahead of their earnings results.

Reliance Industries was little changed after allotting Jio Financial stocks to shareholders.

FSN E-Commerce Ventures Ltd (Nykaa) plunged over 8 percent while ONGC climbed 1.1 percent after unveiling their quarterly earnings results.

CarTrade declined 1.7 percent after it acquired OLX India’s classified and auto business in the country for Rs. 535.54 crore.