Indices hit five-month lows in the previous session today as the US banking crisis rattled global investors.
The Nifty 50 was down 0.2% at 17,127 as of 09:20 am IST, while the S&P BSE Sensex was down 0.14% at 58,158.09.
The fallout from the collapse of US lenders Silicon Valley Bank and Signature Bank widened overnight, weighing on bank stocks around the world despite government efforts to shore up confidence.
Banks were among the biggest drags, down 0.4% and 0.7% respectively, even as analysts said the country’s lenders were insulated from the US banking crisis.
Meanwhile, India’s annual retail inflation rate eased to 6.44% in February from 6.52% in January, but remained above the Reserve Bank of India’s upper limit for the second time in a row.
Investors will now focus on US inflation data as they expect the US Federal Reserve to be less dovish given the banking crisis, which at the end of the day is about the rate hike trajectory.
(Except for the headline, this story was not edited by NDTV staff and was published on a syndicated channel.)
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