INDIA STOCKS Indian shares slump on rate hike worries; Wipro tumbles

📆 2022/10/13 11:45:00
📰 Reuters

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Indian shares sank further on Thursday after the country's retail inflation data stoked fears of more rate hikes, while dismal results from Wipro weighed on IT stocks.

"I don't expect a rally or a fall because when going down it will get some support from banks and infrastructure companies and going up will be a problem as recession fears will keep a check on export-oriented stocks like IT,"

said Neeraj Dewan, director at Quantum Securities.Meanwhile, data showed the country's annual retail inflation jumped to 7.41% last month as food prices surged, remaining above the Reserve Bank of India's target for three quarters.

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