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Indian shares slump, tech drags on U.S. rate hike fears

Indian shares slump, tech drags on U.S. rate hike fears

Reuters · 09/14/2022 00:00
Indian shares slump, tech drags on U.S. rate hike fears

- Indian shares tumbled on Wednesday, led by sharp declines in technology stocks, as faster-than-expected U.S. inflation data stoked fears that the Federal Reserve would let up on its aggressive policy tightening.

The NSE Nifty 50 index .NSEI was down 1.04% at 17,882.65, as of 0348 GMT while the S&P BSE Sensex .BSESN slid 1.1% to 59,902.74.

In early trades on Wednesday, the Nifty and the Sensex had dropped 1.65% and 1.91%, respectively, posting their biggest intraday fall in over two weeks.

The Nifty IT index .NIFTYIT was the hardest hit in Mumbai, sliding 3.7%, with IT majors Infosys INFY.NS and Tata Consultancy Services TCS.NS dropping around 3.5% each.

Wall Street had plunged the most since June 2020 and Asian shares skidded after U.S. consumer price data unexpectedly rose in August, cementing expectations that the Fed will deliver a third 75-basis-point rate hike week. MKTS/GLOB.N



(Reporting by Chris Thomas in Bengaluru; Editing by Neha Arora)

((chris.thomas@thomsonreuters.com; +91 80 6210 0487;))