Indian shares drop 2% ahead of inflation data
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BENGALURU - Indian shares opened 2% lower on Monday, with the rupee hitting a lifetime low as investors awaited inflation data later in the day, while global markets plunged over fears of aggressive policy tightening by the U.S. Federal Reserve later this week.
The NSE Nifty 50 index was down 2.3% at 15,833.45, as of 0351 GMT, after touching its lowest in nearly four weeks.
The S&P BSE Sensex fell 2.4% to 52,990.35.
The Indian rupee touched a lifetime low of 78.28 to the dollar while the benchmark 10-year bond yield hit 7.60%, its highest since Feb. 28, 2019.
The Nifty IT index was down 2.6%, while the NSE bank index fell nearly 3%.
Asian stocks dropped over fears that the Fed would tighten policy on Wednesday, after data last week showed the U.S. consumer price index hit its highest in over 40 years last month.
Rising COVID-19 cases in Beijing added to woes, only a short time after the city relaxed curbs to quell a recent outbreak.
