BENGALURU, May 9 (Reuters) – Indian shares extended losses and the rupee fell to an all-time low on Monday, after broader Asian stocks declined on investor worries that a tightening COVID lockdown in Shanghai could hit global economic growth.
The NSE Nifty 50 index (.NSEI) was down 1.45% at 16,172.50 as of 0358 GMT, with all its major sub-indexes in the negative territory, while 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 against the dollar on Monday.
Nifty’s public-sector bank (.NIFTYPSU), metal (.NIFTYMET) and energy (.NIFTYENR) sub-indexes were among the top losers, declining more than 2% each.
The benchmark indexes on Friday posted their worst week since November, declining for a fourth straight session, weighed down by a surprise interest rate hike by the Reserve Bank of India, foreign fund outflows and mixed corporate earnings.
Asian markets were lower on Monday as U.S. stock futures fell on fears of more policy tightening from the Federal Reserve and strict lockdown in Shanghai impacting global growth.
Source By: Reuters