BENGALURU: Indian shares kicked off May on a weak note, tracking weakness in Asian peers after a sell-off in US 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, 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 that is expected to raise rates by 50 basis points when the central bank’s meeting concludes on Wednesday.
Indian shares end lower as Reliance, Axis Bank weigh
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.
In India, Nifty component HDFC Ltd, down 0.3%, was set to report quarterly results later in the day. Several Asian markets are closed on Monday for a public holiday.
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