Indian shares monitor fall in Asian friends on Shanghai lockdown fears; rupee slides

A person walks out of the Bombay Inventory Change (BSE) constructing in Mumbai, India, February 28, 2020. REUTERS/Hemanshi Kamani

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BENGALURU, Might 9 (Reuters) – Indian shares prolonged losses and the rupee fell to an all-time low on Monday, after broader Asian shares declined on investor worries {that a} tightening COVID lockdown in Shanghai might hit world financial progress.

The NSE Nifty 50 index (.NSEI) was down 1.45% at 16,172.50 as of 0358 GMT, with all its main sub-indexes within the detrimental territory, whereas the S&P BSE Sensex (.BSESN) fell 1.48% to 54,026.20.

The Indian rupee tumbled to an all-time low of 77.42 towards the greenback on Monday.

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Nifty’s public-sector financial institution (.NIFTYPSU), steel (.NIFTYMET) and vitality (.NIFTYENR) sub-indexes had been among the many prime losers, declining greater than 2% every.

The benchmark indexes on Friday posted their worst week since November, declining for a fourth straight session, weighed down by a shock rate of interest hike by the Reserve Financial institution of India, international fund outflows and blended company earnings.

Asian markets had been decrease on Monday as U.S. inventory futures fell on fears of extra coverage tightening from the Federal Reserve and strict lockdown in Shanghai impacting world progress.

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Reporting by Rama Venkat in Bengaluru;
Modifying by Vinay Dwivedi

Our Requirements: The Thomson Reuters Belief Ideas.

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