22.5 C
New York

Indian equities track losses in Asian peers as interest rate worries mount

Published:

Markets

Reuters | Updated on: May 10, 2022

Nifty’s IT, metal and energy sub-indexes were among the top losers, declining between 0.5 and 0.8 per cent

Indian shares inched lower on Tuesday, driven by a risk-off sentiment across Asian markets on prospects of aggressive policy tightening from central banks seeking to fight surging inflation.

The NSE Nifty 50 index was down 0.09 per cent at 16,286.45, while the S&P BSE Sensex fell 0.07% to 54,434.19.

Nifty’s IT, metal and energy sub-indexes were among the top losers, declining between 0.5% and 0.8%.

A Reuters poll found India’s retail inflation likely surged to an 18-month high in April, largely driven by rising fuel and food prices and staying well above the Reserve Bank of India’s upper tolerance limit for a fourth consecutive month.

The consumer price inflation data is due to be released on May 12.

India’s benchmark indexes last week registered their worst week since November, dented by a surprise interest-rate hike by the RBI, foreign fund outflows and mixed corporate results.

Broader Asian equities fell to their lowest in nearly two years on Tuesday, as investors fretted about rising interest rates and lower economic growth.

Published on May 10, 2022

You May Also Like

Recommended for you

Related articles

Recent articles

spot_img