Indian shares halt rally as COVID-19 worries, Fed's hawkish stance weigh
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BENGALURU - Indian shares fell 1% early on Thursday, dragged by finance and technology stocks, while a sharp spike in daily cases of the coronavirus and a hawkish stance by the U.S. Federal Reserve soured investor sentiment.
The blue-chip NSE Nifty 50 index was down 1.21% at 17,709.50 and the benchmark S&P BSE Sensex fell 1.22% to 59,491.51 at 0400 GMT. If losses hold, both the indexes are set to snap a four-day winning streak.
The country on Thursday reported a surge of 90,928 new infections in the last 24 hours, raising concerns about its impact on the economic recovery.
In broader Asian markets, equities took cues from overnight losses on Wall Street after minutes from the Fed's recent meeting pointed to a faster-than-expected rise in U.S. interest rates due to concerns about persistent inflation. [MKTS/GLOB]
Among shares and sectors in Mumbai trading, all major sub-indexes declined in early trade.
Banking stocks, which had risen for five straight sessions, were among the top drags to the index. Nifty's bank index lost 1.2%.
The Nifty IT index continued its fall for a second day and was down 1.34%.
