Indian shares fall as oil concerns persist
SPY•Indian shares declined as crude oil supply concerns and inflation worries weighed on sentiment, with investors watching the Federal Reserve’s policy decision. The Nifty 50 fell 0.5% to 22,485.65 and the Sensex shed 0.46% to 72,783.15.
1. Markets decline
The Nifty 50 fell 0.5% to 22,485.65 and the Sensex lost 0.46% to 72,783.15 as of 9:47 a.m. IST. Twelve of 16 major sectors declined; small-cap stocks fell 0.7% and mid-caps lost 0.4%.
2. Oil and rate concerns
Brent crude traded around $114.50 a barrel, down from a near six-month high of $117, while attacks on Saudi Arabia by Yemen’s Houthis kept supply concerns in focus. Investors also expected the Federal Reserve to hold rates steady this week before resuming tightening with a December increase.
3. Company movers
IT stocks fell 1.1%, with Infosys down 2% after it cut its annual revenue growth forecast. Shriram Finance lost 5% after lowering its annual loan-growth forecast and flagging higher credit costs; Kotak Mahindra Bank gained 2.3% after quarterly profit beat expectations, and Dr Reddy’s Laboratories rose 3% on higher-than-expected quarterly profit.
