Indian Shares Tumble On Inflation, Rate Worries
(RTTNews) - Indian shares slumped on Thursday as a broad global bond sell-off and surging oil prices revived inflation and interest-rate worries.
U.S. Treasury yields surged back toward multi-decade highs after the release of hawkish Federal Reserve meeting minutes showing unanimous support for another interest-rate hike by the end of this year.
The dollar hovered near an 18-month high and Euro zone bond yields climbed towards their recent peaks on concerns of U.S.-Iran war escalation.
Brent crude futures topped $104 a barrel after reports suggested that the White House asked the Pentagon to draw up strike options against Iran that could be executed before the midterm elections.
The benchmark 30-share BSE Sensex fell 1,045.46 points, or 1.44 percent, to 71,593.24, a day after the Reserve Bank of India (RBI) raised its benchmark interest rates by 25 basis points and shifted its policy stance to 'calibrated tightening' from 'neutral.'
The NSE Nifty index plunged 371.25 points, or 1.64 percent, to 22,231.80 while the BSE mid-cap and small-cap indexes slumped around 2.5 percent each.
The market breadth was weak on the BSE, with 3,420 shares falling while 1,009 shares rose and 225 shares closed unchanged.
Selling was seen across the board, with Bajaj FinServ, Asian Paints, Bharti Airtel, Larsen & Toubro, UltraTech Cement, Tata Steel, Maruti Suzuki India, Reliance Industries, NTPC, Adani Ports, BEL, Power Grid Corp, Indigo and ITC falling 2-4 percent.
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