Indian Stocks Market Dip to Two-Week Low

25 Sep 2023 , 01:41 AM

Indian shares hit a more-than-two-week low, driven by a fall in IT stocks and a 15% plunge in Delta Corp shares due to a tax notice.

Sensex and Nifty had recently hit their lowest points due to the Fed’s hawkish stance indicating prolonged higher interest rates. At the time of writing Sensex was trading at Rs 66144 (0.21%), Whereas Nifty was trading at Rs 19,707 (0.17%).

IT stocks fell 0.5% amid concerns about delayed demand recovery in the U.S., their major market, due to anticipated higher interest rates. The market is facing pressure due to global uncertainty and fears of interest rate hikes by key economies in the near term.

Delta Corp’s shares tumbled after the company received a tax notice demanding 111.4 billion rupees ($1.34 billion) in taxes. Rising crude oil prices are adding to inflation worries for investors in India, the world’s third-largest oil importer.

September has seen domestic markets under pressure, with foreign investors offloading over $1 billion worth of shares as of September 21. Bajaj Finance shares rose by 4% after the non-banking financial giant proposed to raise funds via qualified institutional placement.

Religare Enterprises’ shares fell by 2.3% as the Burman family made an open offer for an additional 26% stake in the company at a discounted price.

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