(Bloomberg) — Indian stocks fell, snapping a three-day gain, as a risk-off mood swept through global markets after Federal Reserve minutes fueled concern over the pace of recovery for the world’s largest economy.
The benchmark S&P BSE Sensex Index declined 1% to end at 38,220.39, after closing at its highest since March 3 on Wednesday. The NSE Nifty 50 Index fell 0.8%. The MSCI Asia Pacific Index was down 1.5%, led by a slump in technology shares.
Fed officials noted that the coronavirus pandemic would weigh heavily on economic activity, according to minutes of the central bank’s July meeting. Separately, India’s interest rate-setting panel turned cautious about a recent surge in consumer inflation, according to minutes of the Aug. 4-6 meeting published after close of trading Thursday.
Even so, the Sensex is up 1.6% so far this month, with foreign investors having bought a net $5.4 billion of local stocks