According to a Reuters poll, retail inflation in India likely hit an 18-month high in April, driven by rising fuel and food prices, remaining well above the band. 2% to 6% tolerance from the Reserve Bank of India for a fourth consecutive month. Inflation data is due 1200 GMT.
The NSE Nifty 50 index was down 1.47% at 15,929.75 0353 GMT, while the S&P BSE Sensex was down 1.49% at 53,282.86. The benchmark indices closed lower for a fourth consecutive session on Wednesday.
The Indian rupee plunged to its second lowest level this week, 77.57 against the dollar, amid a general decline in Asian currencies.
The Nifty Public Sector Banks Index fell 3.2% and was the worst performing sub-index.
Nifty’s metals, financials and autos sub-indices fell nearly 2% each.
Jaguar Land Rover’s parent company, Tata Motors, down 2.5%, is expected to report quarterly results later today.
Stocks fell on Thursday as data showed that US inflation remained elevated, and investors feared the economic consequences of aggressively raising interest rates to rein it in. [MKTS/GLOB]