Sensex, Nifty Extend Losses After Choppy Trading; Metal Stocks Gain,Indian shares fluctuated before ending slightly lower on Thursday, extending losses for a fifth straight session. A cautious undertone prevailed as the minutes from the latest Federal Reserve meeting showed a broad consensus among the central bank officials to continue raising rates to bring inflation down to their 2 percent target.
Sensex, Nifty Extend Losses After Choppy Trading; Metal Stocks Gain
Indian shares fluctuated before ending slightly lower on Thursday, extending losses for a fifth straight session.
A cautious undertone prevailed as the minutes from the latest Federal Reserve meeting showed a broad consensus among the central bank officials to continue raising rates to bring inflation down to their 2 percent target.
Following the release of the minutes from the U.S. central bank’s Jan 31-Feb 1 policy meeting, Fed funds futures now price in three more quarter-percentage-point rate hikes at upcoming meetings this year.
Investors also reacted to RBI’s February monetary policy meeting minutes, which dashed hopes of any policy pivot.
According to the minutes, RBI governor Shaktikanta Das has called for an “unwavering commitment” to bring down inflation to the desired target.
Deputy governor Michael Patra was even more hawkish, stating that inflation remains the biggest threat to the macroeconomic outlook.
The benchmark S&P/BSE Sensex swung between gains and losses before ending the session down 139.18 points, or 0.23 percent, at 9,605.80.
The broader NSE Nifty index settled 43.05 points, or 0.25 percent, lower at 17,511.25.
Asian Paints led losses to close 3.2 percent lower while IndusInd Bank, Divis Laboratories, Titan Company and Larsen & Toubro fell 1-2 percent.
Metal stocks closed higher, with JSW Steel, Coal India and Hindalco rising 1-2 percent. Private sector lender Axis Bank gained 1.6 percent and automaker Tata Motors added 1.3 percent.
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