Indian shares fall as oil concerns persist
INDA•India’s Nifty 50 fell 0.5% to 22,485.65 and the Sensex lost 0.46% to 72,783.15 as elevated oil prices and inflation concerns weighed on sentiment. Brent traded around $114.50 a barrel, while investors also focused on the Federal Reserve’s policy decision later in the week.
1. Market declines
Indian shares fell on Monday, with 12 of 16 major sectors logging losses. Small-cap stocks lost 0.7% and mid-caps fell 0.4%; IT stocks declined 1.1%.
2. Oil and rates in focus
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 awaited the Federal Reserve’s policy decision later in the week.
3. Company moves
Infosys fell 2% after cutting its annual revenue growth forecast. Shriram Finance lost 5% after reducing its annual loan-growth forecast and flagging higher credit costs, while Kotak Mahindra Bank gained 2.3% and Dr Reddy’s Laboratories rose 3% after reporting higher-than-expected quarterly profit.
