Indian markets continue to fall; Dr Reddy’s, HDFC Bank, Titan, IT firms biggest losers

Indian markets continue to fall; Dr Reddy’s, HDFC Bank, Titan, IT firms biggest losers
  • Indian equity markets have opened on a negative note following weak cues from global markets.
  • This comes after the US Fed said it is likely to hike interest rates in March to control high inflation.
  • The US central bank has also reaffirmed its plans to end its bond purchases.
Equity markets across the world and in India have been falling continuously since last one week on expectations that the US Fed would hike interest rates sooner than expected.

On Wednesday, the US Fed confirmed that it is likely to increase interest rates in March and reaffirmed plans to end its bond purchases that month to tame inflation. The decision to hike interest rates comes as inflation rises amid a tightening job market in the US.

As a result, the 10-year US Treasury yield remains at its highest level in two years at 1.85%.

The development has triggered stock markets and the sell-off is huge.
Companies% change on January 27, 9:30 a.m.
Tata Steel-4%
Eicher Motors-2.81%
Dr Reddy’s Laboratories-2.77%
Grasim Industries-2.71%
HCL Technologies-2.47%
HDFC Bank-2.35%
Bajaj Finserv-2.22%
Tech Mahindra-1.87%
The sell-off is worse in other Asian markets that are slipping more than 3% on January 27.
Asian indices% change on January 27
Australia ASX All Ordinaries-2.23%
Shanghai SE Composite Index (China)-0.88%
Hang Seng (Hong Kong)-2.62%
Sensex (India)-1.80%
Nikkei 225 (Japan)-3.24%

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