Indian Equities Edge Down On U.S. Inflation Concerns

Indian Equities Edge Down On U.S. Inflation Concerns

12 May 2021 11:33 AM

Indian equities edged down by financials today as Asian peers fell on worries over a potential pickup in U.S. inflation, while domestic COVID-19 deaths crossed the quarter-million mark with no signs of infections peaking.

The NSE Nifty 50 index shed 0.9% to 14,717.8, while the S&P BSE Sensex fell 0.93% to 48,705.87.

In India, the central bank is seen maintaining status quo on interest rates as data expected later in the day is likely to show retail inflation eased to a three-month low in April.

Adding to investor concerns, India reported a record surge in coronavirus deaths in the past 24 hours, pushing its overall death toll over a quarter million.

The Nifty Financial Services index fell 1.2%, with top non-bank lender HDFC Ltd shedding 2.3%. The Nifty IT index fell 1.1%.

Shares of Godrej Consumer Products soared nearly 25% while Siemens Ltd rose 10% following strong quarterly results.