Auto, IT drag India’s benchmark indexes lower
1 week, 3 days ago

Auto, IT drag India’s benchmark indexes lower

Live Mint  

By Bharath Rajeswaran Dec 30 - India's benchmark indexes fell marginally at the start of the week, dragged by information technology and auto stocks, in thin volume trade ahead of the end of 2024. "Persistent concerns such as sustained foreign institutional investor outflows, diminishing expectations of U.S. rate cuts in 2025 and a lack of major domestic triggers amid the year-end are weighing on market sentiment," said Mandar Bhojane, research analyst at Choice Broking. India's benchmark indexes rose about 1% last week after dropping about 5% in the prior week, their worst fall in 30 months, as the Federal Reserve's projection of fewer rate cuts in 2025 lowered the appeal of emerging market assets. Asian shares edged lower on Monday as high Treasury yields challenged lofty Wall Street equity valuations while underpinning the U.S. dollar near multi-month peaks.

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