Nifty, Sensex Take Cue from Global Markets, End Lower on Inflation Fears

  • Investing.com
  • Stock Market News
Nifty, Sensex Take Cue from Global Markets, End Lower on Inflation Fears

By Aditya Raghunath

Investing.com -- Nifty 50  and the BSE Sensex 30 ended lower by 0.61% and 0.69% respectively, calling a halt to the four-day rally. Commodity prices like metals are at record highs and there has been a global sell-off in stocks on inflation fears. It was no different in India.

JSW Steel Ltd (NS: JSTL ) and Hindalco Industries Ltd. (NS: HALC ) led the fall today, closing down 3.38% and 2.99% respectively. Kotak Mahindra Bank Ltd. (NS: KTKM ) ended lower by 2.92% and Housing Development Finance Corporation Ltd (NS: HDFC ) closed down 2.82%. There was buying seen in PSU stocks. Coal India Ltd (NS: COAL ) and NTPC Ltd (NS: NTPC ) closed up 5.85% and 4.87% respectively while Indian Oil Corporation Ltd (NS: IOC ) and Oil And Natural Gas Corporation Ltd (NS: ONGC ) gained 4.39% and 3.6% respectively. Nifty Bank dropped 0.82% today.

In Asia, Nikkei 225 dropped 3.08% while KOSPI 50 closed lower 1.23%. Those looking for signs of inflation saw fresh evidence of it in China’s latest producer price data, which rose at the fastest annual rate in three and a half years in April. The PPI rose to 6.8% from 4.4% in March.

Europe has been rocked by Asia and FTSE 100 , Lyxor UCITS CAC 40 (DR) D-EUR (PA: CAC ) and DAX are trading lower 2.28%, 2.21% and 2.41% as of this report.

The sell-off in technology stocks in the US looks set to continue when Wall Street opens later, with Nasdaq 100 Futures already down by 1.29% in the premarket session. 

Other US indices were outperforming but were also marked lower: Dow Jones 30 Futures were down 0.45% while S&P 500 Futures were down 0.75%.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100

Related Articles