Indian shares fell on Monday, dragged by I.T. stocks, with the benchmark Nifty slipping below a key long-term average for the first time in over four months after U.S. data reinforced fears of a prolonged high-interest rate regime.
"Better-than-expected economic data coming out of the U.S. and U.K indicate that instead of one more hike there will be two or three more hikes," said Gaurav Dua, senior vice-president and head of capital market strategy at Sharekhan.
Fed futures now have rates peaking around 5.42%, suggesting at least three more hikes from the current 4.50-4.75% band. Meanwhile, prospects of another Bank of England interest rate hike in March rose after last week's buoyant Composite Purchasing Managers Index data in February.The withdrawal of liquidity due to sustained foreign fund outflows has added to the pressure on domestic markets, analysts added.
Foreign portfolio investors sold 311.65 billion rupees of Indian equities thus far in the year, according to official
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