Stocks in India closed lower on Monday, largely influenced by anticipated inflation data from both U.S. and Europe. This information, due to be released later this week, could provide significant insights on the potential timing for early rate cuts.
John Williams, the President of the Federal Reserve Bank of New York, recently indicated in a published interview that the U.S. central bank is preparing to cut interest rates sometime later this year.
On the other hand, Yannis Stournaras from the European Central Bank (ECB) dismissed the likelihood of rate cuts being implemented in the upcoming month of March.
In terms of specific figures, the benchmark S&P/BSE Sensex ended the day with a drop of 352.67 points (or a decline of 0.48 percent), finishing at 72,790.13 after a fluctuating trading session.
The broader NSE Nifty index also finished lower – down by 90.65 points (or a decrease of 0.41 percent), ending at 22,122.05 points.
Stocks from Tech Mahindra, Divis Laboratories, Hindalco, Apollo Hospitals Enterprise, and Asian Paints saw a decline between 2 to 4 percent in the Nifty pack. Alternately, SBI Life, Tata Consumer Products, Adani Enterprises, Power Grid Corp, and Larsen & Toubro experienced a growth of around 2 percent.
