Indian stocks decline in early trade on likely further rate hikes in US

Updated:3 years, 10 months ago

New Delhi, Sept 07 (ANI): Indian stocks started Wednesday's trade on a negative primarily due to a lack of any positive cues coupled with a strong likelihood of aggressive rate hikes in the US as indicated by the Federal Reserve. At 9.25 am, Sensex traded at 58,920.55 points, down 276.44 points or 0.47 per cent, whereas Nifty traded at17,578.40 points, down 77.20 points or 0.44 per cent. Among the Nifty 50 companies, 31 declined and the rest advanced this morning, National Stock Exchange data showed. "High volatility with downward bias is in store for the markets in the near-term," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. "When globally equities correct, India too will correct. But India will fall less since falling crude, decent economic growth, impressive corporate earnings and retail investor enthusiasm will support the market at lower levels." India's retail inflation fell to 6.71 per cent in July, the lowest level in five months, helped by an easing in food and oil prices, as per the National Statistical Office (NSO) data. However, retail inflation has been over the Reserve Bank of India's upper tolerance band of 6 per cent for the seventh consecutive month in a row. Retail inflation was at 7.01 per cent in June.

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Indian stocks decline in early trade on likely further rate hikes in US

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