Home ›› 23 Feb 2023 ›› Stock
Indian shares fell for the fourth session in a row on Wednesday and recorded their worst day in over three weeks after strong US data fuelled worries about higher-for-longer interest rates.
The Nifty 50 index (.NSEI) closed down 1.53% at 17,554.30, its lowest in over four months. The S&P BSE Sensex (.BSESN) fell 1.53% at 59,744.98.
Wall Street posted its worst one-day slump of the year on Tuesday after US business activity returned to expansion for the first time in eight months in February, fuelling fears of continued high rates, reported Reuters.
Those worries remain in focus ahead of the release, later in the day, of the minutes of the latest meetings of the US 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 (.NIFTYFIN) dropping 1.76% and information technology (.NIFTYIT) losing more than 1%.
Metals (.NIFTYMET) 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 (ADEL.NS).
