Nifty, Sensex edge down as financials drag

Indian shares edged down on Thursday, dragged down by financials, as a recent rally on the back of easing domestic lockdowns paused after a sober economic outlook from the U.S. Federal Reserve dented broader risk appetite.

In a challenge to the stock market’s recent optimism, the Fed predicted the U.S. economy would shrink 6.5% in 2020 and unemployment would still be at 9.3% at year’s end.

Asian shares eased on Thursday while bonds rallied after the Fed’s outlook.

The NSE Nifty 50 index fell 0.56% to 10,060 by 0346 GMT, while the benchmark S&P BSE Sensex was down 0.55% at 34,058.55.

The Nifty banking index and the financial index fell 0.67% and 1%, respectively.

Meanwhile, shares of Bharti Airtel and Vodafone Idea rose 0.4% and 1.38%, respectively after CNBC-TV18 reported that the country’s Supreme Court will take up the case over telecom dues on Thursday. (bit.ly/30x9Xfs)

Lucy Harlow

Lucy Harlow is a senior Correspondent who has been reporting about Equities, Commodities, Currencies, Bonds etc across the globe for last 10 years. She reports from New York and tracks daily movement of various indices across the Globe