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Indian shares track weakness in Asian peers amid Fed rate in focus

The NSE Nifty 50 index was down 0.78% at 16,969.10 as of 0357 GMT on Monday, with most of its major sub-indexes in the negative, while the S&P BSE Sensex fell 1.11% to 56,429.45

Topics
Indian stock markets | Federal Reserve | Fed rate hikes

Reuters  |  BENGALURU 

stock markets, sensex, growth, m-cap, investors, investments

BENGALURU (Reuters) - Indian shares kicked off May on a weak note, tracking weakness in Asian peers after a sell-off in U.S. stocks on Friday, as investors await an expected rate hike by the this week.

The NSE Nifty 50 index was down 0.78% at 16,969.10 as of 0357 GMT on Monday, with most of its major sub-indexes in the negative, while the S&P BSE Sensex fell 1.11% to 56,429.45. The benchmark indexes on Friday had posted losses for a third straight week.

Nifty's IT index, auto index and metal index were the top segment losers on Monday, falling over 1% each.

Indian will be closed on Tuesday for a holiday.

Investor focus will turn to the that is expected to raise rates by 50 basis points when the central bank's meeting concludes on Wednesday.

Market participants will also watch for signals about the future path for interest rates, the Fed's plans for reducing its balance sheet and its view on when inflation will recede.

In India, Nifty component HDFC Ltd, down 0.3%, was set to report quarterly results later in the day.

Several Asian are closed on Monday for a public holiday.

 

(Reporting by Rama Venkat in Bengaluru; Editing by Vinay Dwivedi)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Mon, May 02 2022. 10:59 IST
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