Live Sensex Updates: On Monday, Indian shares struggled to find direction due to concerns that the U.S. Fed would keep interest rates higher for longer. Additionally, growing anxiety following North Korea's continued launch of ballistic missiles added to the gloomy atmosphere.
With the pharma index shedding roughly 1%, six out of the 13 major sectoral indexes decreased. After receiving eight observations from the U.S. drug authority following an inspection at the company's Pithampur business, Cipla, the second-heaviest weighted stock in the pharma index, fell by over 7% to a level not seen in nearly seven months. The stock had the worst Nifty 50 performance.
After the FMCG giant agreed to sell and divest brands in its foods sector, including "Annapurna" and "Captain Cook," Hindustan Unilever increased by around 1% and was among the top Nifty 50 gainers. After French auto component manufacturer Faurecia decided to sell its SAS cockpit modules division to Motherson Group, Samvardhana Motherson rose as high as 5.7%.
After official statistics revealed an increase in export prices in January, the lingering worries about the U.S.'s trajectory of rate hikes continued to hang over the economy.
The Fed's meeting minutes, which are due on Wednesday, will help investors determine how quickly interest rates will rise in the future. Due to a regional holiday, U.S. markets will be closed on Monday.
North Korea earlier in the day launched two additional ballistic missiles off its east coast, which alarmed investors after it blasted an intercontinental ballistic missile into the ocean off the coast of Japan on Saturday and ordered American soldiers to cease their military drills in the Pacific.
The MSCI's broadest index of Asia-Pacific shares outside of Japan increased by 0.65% as Asian markets recovered after a rocky start.
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