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.
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.
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