India shares down ahead of expected RBI rate hike
Indian shares declined, led by rate-sensitive sectors, ahead of an expected 25 basis point rate hike by the Reserve Bank of India to combat inflation.
(Updates for morning trade) By Bharath Rajeswaran Oct 7 (Reuters) — Indian shares fell on Wednesday in a broad-based decline led by rate-sensitive sectors, ahead of an expected central bank rate hike as persistent inflationary pressures from the war in the Middle East force rate-setters' hands globally. m. IST. The Reserve Bank of India is widely expected to raise rates by 25 basis points, its first increase since February 2023.
Governor Sanjay Malhotra's comments on inflation risks will be closely watched for signals on the future rate path. m. dominates sentiment, with the bias remaining 'wait and watch' and undertone staying cautious below Nifty at 23,000," said Hemang Gor, senior research analyst of derivatives and technical research at Axis Direct. 5% as of last close as higher oil prices kept inflationary worries aflame, pushing up US yields and foreign outflows from local equities.
All 16 major sectors logged losses. 4%, respectively. 7%, respectively. 8% each.
2%, with multiple analysts flagging weaker-than-expected growth in India's jewellery segment following its September-quarter business update. 9% after Investec reiterated "buy" and raised its price target to 1,821 rupees from 1,466 rupees, citing improving earnings outlook. 6 as storm risks to US oil output and Houthi attacks on Saudi Arabia outweighed increased Middle East supply. com; +91 9769003463;)