Mumbai: India’s benchmark NSE nifty 50 The technical correction in the index came amid a global selloff on rising concerns about the health of Swiss lender Credit Suisse Group AG.
The gauge fell as much as 0.5% on Thursday, extending its early December losses of more than 10%. The S&P BSE Sensex index fell up to 0.4%. Rising Interest Rates, With This Year’s Route Adani The group’s shares have also weighed on the local market.
Since hitting record highs on December 1, both the Nifty and Sensex gauges have been on a decline as a series of interest rate hikes by the central bank hurt the economic growth outlook for the South Asian nation. Shares of financial companies, shadow lenders and banks, which form about 40% of the benchmark Sensex, have also come under pressure in recent sessions as financial sector turmoil in the US and Europe raised concerns of a global economic slowdown.
Analysts have started forecasting a slowdown in credit demand for India, which has been key to lenders’ outperformance in recent months.
Foreigners have also resumed selling in local stocks, which was later fueled by a sharp fall in Adani Group. Hindenburg Research Port-to-Power Group accused of accounting fraud and stock manipulation.
The Adani Group losses, which began in late January, reached $153 billion and wiped out nearly two-thirds of its combined stock value before clawing back some losses. However, the drawdown saw India lose its place among the world’s top five markets by value.
The gauge fell as much as 0.5% on Thursday, extending its early December losses of more than 10%. The S&P BSE Sensex index fell up to 0.4%. Rising Interest Rates, With This Year’s Route Adani The group’s shares have also weighed on the local market.
Since hitting record highs on December 1, both the Nifty and Sensex gauges have been on a decline as a series of interest rate hikes by the central bank hurt the economic growth outlook for the South Asian nation. Shares of financial companies, shadow lenders and banks, which form about 40% of the benchmark Sensex, have also come under pressure in recent sessions as financial sector turmoil in the US and Europe raised concerns of a global economic slowdown.
Analysts have started forecasting a slowdown in credit demand for India, which has been key to lenders’ outperformance in recent months.
Foreigners have also resumed selling in local stocks, which was later fueled by a sharp fall in Adani Group. Hindenburg Research Port-to-Power Group accused of accounting fraud and stock manipulation.
The Adani Group losses, which began in late January, reached $153 billion and wiped out nearly two-thirds of its combined stock value before clawing back some losses. However, the drawdown saw India lose its place among the world’s top five markets by value.
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