Stock Market India: Sensex falls over 150 points
Indian equity benchmarks were on the back foot early on Thursday, reversing a sharp rally in the previous session, tracking losses in broader Asian bourses following a fall on Wall Street ahead of key US inflation data later in the day.
The BSE Sensex index declined 179.48 points to 57,446.43 in early trade, and the broader NSE Nifty index fell 35.65 points to 17,087.95, reflecting a sea of red in Asian bourses.
In the previous session, both benchmarks rallied sharply and stalled a three-session losing streak.
That rally in domestic stocks on Wednesday defied a broader global stock market gloom and suggested only a blip, not a trend.
India’s retail inflation surged to a five-month high of 7.41 per cent last month, pressuring the Reserve Bank of India to respond with more aggressive rate hikes even at the cost of the economy, similar to the West.
Asian stocks followed Wall Street lower, and bond yields remained depressed on Thursday as investors pondered the prospects of a worldwide recession amid hawkish Federal Reserve rhetoric.
The economic worries exacerbated concerns about oil demand, and crude prices did not recover from the 2 per cent fall in the previous session.
Following the S&P 500’s sixth straight loss, which sent it to its lowest point since November 2020, markets in Japan, China, and South Korea eked out gains, while US futures barely moved higher.
Investors were on the edge as they waited for US consumer prices data that might determine whether the Fed announces a fourth consecutive outsized increase in interest rates, adding stress to an already fragile global economy.
“The Fed needs data to start finding an off-ramp,” Carol Schleif, deputy chief investment officer at BMO Family Office, said on Bloomberg Television. “That’s a tough market to be in. Until we get a bunch more data, markets will have to figure out how to find their footing.”
The largest Asia-Pacific share index tracked by MSCI fell 0.54 per cent, hovering near Wednesday’s 2-1/2-year low.
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