Indian Shares Extend Losses For Second Day
(RTTNews) - Indian shares fell for a second consecutive session on Thursday as investors assessed the Federal Reserve's rate path and awaited more clarity on a revenue-sharing deal between Iran and Oman for the Strait of Hormuz.
After firmer-than-expected U.S. inflation data kept expectations for a Fed rate hike by year-end live, the focus has now shifted to Kevin Warsh's first Jackson Hole speech as Fed Chair on Friday that could provide further clues on the path for U.S interest rates.
In geopolitical news, media reports suggested that the U.S. and Iran have reached an interim ceasefire agreement that includes guarantees for unhindered commercial navigation through the Strait of Hormuz.
Official statements from Iran and Oman confirmed they had agreed on a temporary maritime route for ships travelling through the Strait of Hormuz, but Tehran said an agreement hasn't been finalized and that the talks were continuing on the details of an accord.
The 30-share BSE Sensex ended the session down 539.34 points, or 0.70 percent, at 76,933.59, while the NSE Nifty index fell 116.90 points, or 0.48 percent, to 24,090.85.
The BSE mid-cap index dropped 0.4 percent while the small-cap index ended little changed.
The market breadth was weak on the BSE, with 2,491 shares falling while 1,824 shares rose and 211 shares closed unchanged.
Among the prominent decliners, Reliance Industries, Tata Steel, Hindustan Unilever, Trent, Indigo, Infosys, ITC, HCL Technologies, Bharti Airtel, Mahindra & Mahindra, NTPC and HDFC Bank fell 1-2 percent.
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