Indian Equity Markets Face Third Day of Decline Amid High Interest Rate Concerns

  • Stock Market News
Indian Equity Markets Face Third Day of Decline Amid High Interest Rate Concerns
Credit: © Reuters.

Indian equity markets faced a third consecutive day of decline on Friday, driven by concerns over persistent high-interest rates. This comes after US Federal Reserve Chair Jerome Powell confirmed the central bank's 2% inflation target, despite signs of slowing inflation.

Various firms, including Hindustan Unilever (LON: ULVR ) (HUL), ITC, Power Grid (NS: PGRD ), Bajaj Finserv (NS: BJFS ), and Bajaj Finance (NS: BJFN ), opened with losses. On the other hand, Tata Motors (NS: TAMO ) (NYSE: TTM ), Nestle (NS: NEST ), and IndusInd Bank (NS: INBK ) reported opening gains. Food delivery platform Zomato (NS: ZOMT ) saw its shares rise by 2.4% following a Rs 1,040.50 crore block deal for a 1.1% stake in the company.

In contrast, Tata Communications (NS: TATA )' shares fell by 3% in response to a significant year-on-year decrease in Q2 net profit by 58%.

In corporate developments, the Adani Group is set to refinance $3.5 billion of loans related to its acquisition of ACC Ltd (NS: ACC ) and Ambuja Cement. Meanwhile, Google (NASDAQ: GOOGL ) is reportedly close to striking an agreement with Dixon Technologies and Bharat FIH to begin production for its Pixel 8 smartphone in India.

In the education sector, Byju Raveendran, CEO of Byju's, is reportedly in early-stage discussions with private equity firms Bain Capital and KKR to sell a controlling stake in Aakash Educational Services Ltd. The details of these potential deals remain undisclosed.

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