Benchmark indices trade lower after US Federal Reserve raised interest rates and took a more hawkish tone in forecasting a slightly faster pace of tightening for the rest of the year, while concerns about US-China trade frictions also might keep investors on edge.
Investors, however, latched on to a change in Fed policymakers’ rates projections, which pointed to two additional hikes by the end of this year compared to one previously, based on board members’ median forecast.
The Fed has raised rates seven times since late 2015 on the back of the economy's continuing expansion and solid job growth, rendering the language of its previous policy statements outdated.
Back home, India's current account deficit (CAD) rose to $13 billion (Rs 878 billion and 1.9 per cent of gross domestic product, or GDP) in the fourth and final quarter (Q4 of 2017-18), compared to $2.6 billion (Rs 176 billion and 0.4 per cent of GDP) in the same period of 2016 -17.
For the full financial year (2017-18), the deficit increased to 1.9 per cent of GDP, from 0.6 per cent in 2016-17.
Investors will also await WPI data, due later in the day today.
GLOBAL MARKETS
Investors will also await WPI data, due later in the day today.
GLOBAL MARKETS
Globally, MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.25 per cent in early trade. South Korea's KOSPI was off 0.9 per cent, while Australia's market slipped 0.2 per cent.
Japan's Nikkei shed 0.7 per cent.
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