India’s benchmark indexes fell on Monday, led by bank stocks, due to high US Treasury yields and reduced expectations of US rate cuts. The Nifty 50 Index declined 0.71% to close at 23,644.9, while the BSE Sensex Index lost 0.57% to settle at 78,248.13.
The decline was driven by banks, with HDFC Bank and Reliance Industries losing about 1% each. The high yields have intensified foreign outflows from emerging markets, as investors become less optimistic about asset valuations and future interest rate changes.
Despite the overall downward trend, some stocks bucked the trend. JSW Energy rose 2.8% on a deal to buy renewable power company O2 Power Midco Holdings, while Adani Enterprises gained 7.6% after announcing its new airport in Navi Mumbai will be operational by May.
Source: https://www.reuters.com/world/india/indian-equity-benchmarks-seen-opening-higher-2024-12-30