Pakistan Affairs

Tag: Indian shares

  • Indian shares hit 5-month low as banks drag; await inflation data

    Indian shares have hit a five-month low, pulled down by a fall in financial stocks prompted by Silicon Valley Bank\’s collapse. The Nifty 50 dropped 1.5% to 17,154.30, while Sensex slid 1.52% to 58,237.85. Easing fears of contagion, further rate decisions are due by several central banks, and US authorities have announced plans to limit effects of the SVB collapse. A Reuters survey of 43 economists indicated that retail inflation data for February are expected to show levels at 6.35%, down from 7.59% a year before, but still above the RBI’s upper threshold for the second month running. Despite the potential effects of the US Federal Reserve’s March rate hike, which is now judged to have an 80.4% chance of a 25-basis point increase, analysts predict that there will not be a ripple effect on the Indian financial system from the SVB crisis.



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  • Indian shares continue slide on rate jitters ahead of Fed, RBI minutes

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    BENGALURU: Indian shares fell for the fourth session in a row on Wednesday and recorded their worst day in over three weeks after strong U.S. data fuelled worries about higher-for-longer interest rates.

    The Nifty 50 index closed down 1.53% at 17,554.30, its lowest in over four months. The S&P BSE Sensex fell 1.53% at 59,744.98.

    Wall Street posted its worst one-day slump of the year on Tuesday after U.S. business activity returned to expansion for the first time in eight months in February, fuelling fears of continued high rates.

    Indian shares end lower in cautious trade

    Those worries remain in focus ahead of the release, later in the day, of the minutes of the latest meetings of the U.S. Federal Reserve as well as the Reserve Bank of India.

    “The probability of impending rate hikes by the U.S. Fed has risen from two to three, in the light of new data,” said Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services.

    “Fear of a hawkish Fed has gripped markets and kept investors on tenterhooks.”

    All the 13 major sectoral indexes fell, with the heavyweight financials dropping 1.76% and information technology losing more than 1%.

    Metals tumbled 2.64% to their worst day in nearly three weeks due to a dip in metal prices and a 10.58% drop in Adani Enterprises.

    Forty-eight of the Nifty 50 constituents declined. Reliance Industries and HDFC Bank, the two most heavily weighted stocks on the index, lost 2.27% and 1.96%, respectively.

    Among individual stocks, Wockhardt bucked the broader trend to jump 1.24% after the company said a business restructuring will help it save $12 million annually.

    Separately, the National Stock Exchange extended trading hours for interest rate derivatives to 5 p.m. IST from Feb. 23, to help investors better hedge risks with global equities.



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  • Indian shares fall on rate-hike worries ahead of Fed, RBI minutes

    BENGALURU: Indian shares extended losses on Wednesday after strong economic data from the US kept investors worried that central banks, including the US Fed, would have to keep raising interest rates to tackle inflation.

    The Nifty 50 index was down 0.86% at 17,674.50, while the S&P BSE Sensex fell 0.85% at 60,150.93 as of 10:34 a.m. IST.

    Both the Fed and the Reserve Bank of India were due to release minutes of their latest policy meetings, giving investors a glimpse of their thinking on future rate-hike trajectories.

    Indian shares end lower in cautious trade

    “The probability of impending rate hikes by the US Fed has risen from two to three, in the light of new data,” said Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services.

    “Fear of a hawkish Fed has gripped markets and kept investors on tenterhooks.”

    Global markets fell after an unexpectedly strong reading of S&P Global’s composite purchasing managers’ index (PMI) showed that the US economy was not cooling.

    Twelve of the 13 major sectoral indexes fell, with high-weightage financials dropping 0.83% and information technology stocks losing nearly 0.75%, respectively.

    All 10 constituents of the IT index were in the red.

    Forty-two of the Nifty 50 constituents declined with Adani Enterprises and Adani Ports falling nearly 7% and 4%, respectively.

    Among individual stocks, Wockhardt bucked the broader trend and jumped nearly 6% after the company said a restructuring of its business will lead to annual savings of $12 million.

    Separately, the National Stock Exchange extended trading hours for interest rate derivatives to 5 p.m. IST from Feb. 23, to better hedge risks with global equities.

    In a discussion paper, India’s markets regulator had said that longer trading hours helped market participants manage risks arising out of global information flow.



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