Sensex, Nifty End Modestly Lower On Fed Worries
(RTTNews) - Indian shares ended Friday's session lower after two days of gains. Weak global cues weighed on sentiment as yields climbed across the cure amid lingering uncertainties around inflation and further interest-rate hikes by the U.S. Federal Reserve.
Richmond Fed President Thomas Barkin said on Thursday it's important for the U.S. central bank to continue to raise rates to ensure if brings inflation back to the 2 percent target.
Sharp gains in oil prices also kept investors nervous. Crude prices jumped more than 2 percent in European trade after Russia said it aims to cut its March oil production voluntarily by 500,000 barrels a day in response to the western price caps on Russian oil and oil products.
The benchmark S&P/BSE Sensex dropped 123.52 points, or 0.20 percent, to 60,682.70 while the broader NSE Nifty index settled 36.95 points, or 0.21 percent, at 17,856.50.
Adani Enterprises led losses to close 3.8 percent lower while Coal India, Tata Steel, Hindalco and HCL Technologies fell 2-3 percent.
On the positive side, Hero MotoCorp, Cipla, UPL and Tata Motors rose 1-2 percent.
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