Indian shares fall on inflation worries, prospect of Fed rate hikes
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BENGALURU - Indian shares extended losses for a second session on Wednesday led by financial stocks on worries over surging domestic inflation and the prospect of aggressive monetary tightening by the U.S. Federal Reserve.
The NSE Nifty 50 index was down 0.5% at 17,862, as of 0355 GMT, while the S&P BSE Sensex fell 0.6% to 59,815.71.
India's oil marketing companies continued to raise pump prices on the back of elevated global crude prices, sparking inflation worries.
Fed Governor Lael Brainard said overnight that she expected a combination of interest rate hikes and a rapid balance sheet runoff to take U.S. monetary policy to a "more neutral position" later this year, pulling down global stocks. [MKTS/GLOB]
The Nifty Bank index fell 1.2% and the finance index dropped 1.1%. Both the indexes were down for a second straight day after gaining more than 4% on Monday.
