February 8, 2023

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Sensex, Nifty Slip Into Red On US Rate Hike Worries

1 min read

Indian shares opened lower on Monday, as a stronger-than-expected jobs report reversed any hopes that the Fed would consider a pause in rate hikes after the June/July increases.

Cleveland Federal Reserve Bank President Loretta Mester said the Fed may need to raise rates through September unless there is “compelling” evidence that inflation has peaked.

The benchmark S&P BSE Sensex dropped 150 points, or 0.3 percent, to 55,618 while the broader NSE Nifty index was down 73 points, or 0.4 percent, at 16,511. Both the Sensex and Nifty hit as low as 55,296 and 16,445 earlier in the day.

Hero Moto Corp, Britannia Industries, BPCL, Tech Mahindra and Bajaj FinServ all fell around 2 percent in the Nifty pack while JSW Steel, Cipla, HDFC Life, NTPC and ONGC rose 1-2 percent.

Other Asian markets traded mostly higher amid hopes that the United States would cut tariffs on Beijing.

China’s Caixin services purchasing managers’ index, a private gauge of service activity, improved in May but stayed in contractionary territory.

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2022-06-06 00:33:09

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