BENGALURU: Indian shares fell for a second straight day on Monday over prospects of aggressive rate hikes by the US Federal Reserve and sky-high inflation, while Future Group companies tumbled after Reliance Industries called off a deal to buy its retail assets.
The NSE Nifty 50 index fell 1.27% to 16,953.95, while the S&P BSE Sensex slid 1.08% to 56,579.89.
India’s benchmark indexes have lost more than 2% so far in April, hurt by weak earnings from top technology firms, fears over the fallout of the Ukraine crisis, surging inflation and strong policy tightening signals from the Fed.
On Monday, stocks across the globe lost ground as traders ditched riskier assets with MSCI’s broadest index of world shares falling 0.7%.
In domestic trade, Nifty’s small-cap index settled down 2.4% and the mid-cap index closed down 2.2%.
Realty stocks led losses among major sub-indexes, closing down 3.8% at its lowest since mid March.
Nifty’s volatility index, which indicates the degree of volatility traders expect over the next 30 days, rose as much as 18.5% during the session to a near four-week high.
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