Indian shares track weakness in Asian peers, Fed meet in focus

Record ID: 1671065

  • Title: Indian shares track weakness in Asian peers, Fed meet in focus
  • Date: 2nd May 2022
  • Summary: MUMBAI, MAHARASHTRA, INDIA (MAY 02, 2022) (ANI - No use India) VARIOUS OF BOMBAY STOCK EXCHANGE (BSE) BUILDING VARIOUS OF PEOPLE WALKING OUTSIDE BOMBAY STOCK EXCHANGE PREMISES SCREEN SHOWING LIVE PRICES OF STOCKS (SOUNDBITE) (English) STOCK MARKET EXPERT, SUNIL SHAH, SAYING: "Market has opened on a weak note and the first day of the week and we are witnessing a deep cut on the Nifty and Sensex. Sensex is down by 500 points. The reason being that tomorrow we have a holiday and the Fed meet is scheduled for (the) 3rd and 4th (of) May where (the) market is waiting with a bated breath that what is going to be the outcome of the fed meet and if the 50 basis point is sought priced in. So, I think (the) market will take direction post Fed meet." BOMBAY STOCK EXCHANGE BUILDING/PEOPLE WALKING OUTSIDE
  • Embargoed: 16th May 2022 06:59
  • Keywords: Bombay Stock Exchange FED meeting Nifty Sensex global cues hike share market stocks wall street
  • Location: MUMBAI, MAHARASHTRA, INDIA
  • City: MUMBAI, MAHARASHTRA, INDIA
  • Country: India
  • Topics: Asia / Pacific,Economic Events
  • Reuters ID: LVA001GAAT7BJ
  • Aspect Ratio: 16:9
  • Story Text: Indian shares kicked off May on a weak note, tracking weakness in Asian peers after a sell-off in U.S. stocks on Friday, as investors await an expected rate hike by the Federal Reserve this week.
    The NSE Nifty 50 index was down 0.78% at 16,969.10 as of 0357 GMT on Monday (May 2), with most of its major sub-indexes in the negative, while the S&P BSE Sensex fell 1.11% to 56,429.45. The benchmark indexes on Friday had posted losses for a third straight week.
    Nifty's IT index, auto index and metal index were the top segment losers on Monday, falling over 1% each.
    Indian markets will be closed on Tuesday for a holiday.
    Investor focus will turn to the Federal Reserve which is expected to raise rates by 50 basis points when the central bank's meeting concludes on Wednesday said stock market expert Sunil Shah.
    Market participants will also watch for signals about the future path for interest rates, the Fed's plans for reducing its balance sheet and its view on when inflation will recede.
    Several Asian markets are closed on Monday for a public holiday.
  • Copyright Holder: ANI (India)
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