Comments
Key stock market indices kicked off May on a weak note, tracking weakness in Asian peers after a sell-off in the US stocks on Friday, as investors await an expected rate hike by the Federal Reserve this week.
The NSE Nifty 50 index was down 0.78 per cent at 16,969.10, with most of its major sub-indexes in the negative, while the S&P BSE Sensex fell 1.11 per cent 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 per cent each. The markets will be closed on Tuesday for a holiday.
Investor focus will turn to the Federal Reserve 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 per cent, was set to report quarterly results later in the day.
Several Asian markets are closed on Monday for a public holiday.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.