Indices slump in opening deals on weak overnight cues from US
Mumbai, May 19, 2022
Indian equity benchmark indices declined sharply on Thursday morning tracking weak overnight cues from the US markets.
"Indian benchmark indices are set to face heavy turbulence today amid negative global market cues. US markets saw the worst sell-off since June 2020 as inflation fear looms," said Mohit Nigam, Head - PMS, Hem Securities just before the market opened.
Indian economy is set to face jitters due to rising inflation in the US thus, making further interest rate hikes all the more important, Nigam added.
At 9.17 a.m., the BSE Sensex was 1.8 per cent or 956 points down at 53,251 points, whereas the NSE Nifty was 1.6 per cent or 265 points down at 15,975 points.
Besides, equities in other Asian markets too fell after stocks in Wall Street suffered a slump as worries increased about inflation and corporate earnings.