indian stocks post biggest decline in 7 months
Last Updated : GMT 06:32:30
Arab Today, arab today
Arab Today, arab today

Indian stocks post biggest decline in 7 months

Arab Today, arab today

Arab Today, arab today Indian stocks post biggest decline in 7 months

New Delhi - Arabstoday

Indian shares posted their biggest fall in seven months on Thursday, mirroring the weakness in global equities stemming from worries over the US central bank slowing its bond-buying programme and on domestic investor jitters ahead of the budget’s presentation on 28 February. The rupee and gold prices also took a beating. The BSE’s benchmark Sensex closed 317.39 points, or 1.62%, lower at 19,325.36 points. It was the index’s biggest percentage decline since 23 July, when it shed 1.64%, and erased all the gains it notched up in 2013. The close was its lowest level since 27 December. The NSE’s benchmark Nifty index fell 1.53% to 5,852.25 points. The decline was largely a reflection of the fall in risk assets globally after officials at the US Federal Reserve expressed concern whether record monetary easing will drive inflation higher or create asset-price bubbles, according to the minutes of the Federal Open Market Committee’s 29-30 January meeting released on Wednesday. “Globally there was a belief that easy money policy was here to stay. However, there might be withdrawal of stimulus and no one had factored it in their calculations,” Amisha Vora, joint managing director of Prabhudas Lilladher Pvt. Ltd, said in a phone interview. “World markets were hit on these concerns and emerging markets, being high beta, were hit harder.” “Going ahead—global developments will continue to dictate and dominate our market in the near term. On the domestic front, how the FM (finance minister) handles fiscal deficit at the budget will be keenly watched,” Vora added. Livemint

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