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Sensex Down Over 200 Points In Early Trade; Nifty Dips Below 15,250
(RTTNews) - Indian shares opened lower on Monday after U.S. stocks suffered their biggest weekly percentage decline in two years last week on concerns over high inflation and aggressive interest-rate hikes by major central banks.
Federal Reserve Governor Christopher Waller on Saturday said he would support another 75-basis-point rate increase at the central bank's July meeting.
Fed Chair Jerome Powell will testify to the House on Wednesday and Thursday, with analysts expecting him to reiterate his commitment to fight inflation with aggressive rate hikes if needed.
The benchmark S&P BSE Sensex dropped 214 points, or 0.4 percent, to 51,146 in early trade, while the broader NSE Nifty index was down 73 points, or half a percent, at 15,220.
Commodity-related stocks succumbed to selling pressure, with UPL. Coal India, Tata Steel, Hindalco and ONGC losing 3-5 percent.
Adani Wilmar tumbled 3 percent after slashing edible oil prices.
Nazara Technologies fell about 1 percent on news the gaming company is increasing its stake in Absolute Sports.
Cipla was little changed after it agreed to buy 21.05 per cent stake for Rs 25 crore in Achira Labs Pvt Ltd.
Similarly, Aurobindo Pharma traded flat after it bought a 51 percent stake in GLS Pharma.
Zydus Wellness lost about 1 percent. The company said it will stop operations at its Sitarganj production facility in Uttarakhand.
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