BENGALURU: Indian shares fell about 1% on Wednesday, with financials and metals leading a broad-based retreat as investors fret over the rising COVID-19 cases in China and the Federal Reserve’s interest-rate hiking path.
The Nifty 50 index closed 1.04% lower at 18,042.95, while the S&P BSE Sensex fell 1.04% to 60,657.45, with the two benchmark indexes logging their first session of losses in the New Year.
The minutes of the Fed’s December meeting are due during US business hours. Though the central bank slowed its pace of rate hike last month, it signalled that rates could stay higher for longer, fanning worries about corporate and economic growth.
Indian equities dropped due to caution ahead of the minutes, said Neeraj Dewan, director at Quantum Securities.
The metals index slid 2.11%, the most among the 13 main sectors, while the highly weighted financials index lost 0.98%.
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