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Sensex falls 600 pts, gives up 60K, Nifty ends below 17,800; IT hit, auto gains

Stock market today: Globally, equities were rattled after the Federal Reserve signaled interest-rate hikes may be more aggressive than many had expected.Premium
Stock market today: Globally, equities were rattled after the Federal Reserve signaled interest-rate hikes may be more aggressive than many had expected.

  • Market closing: Indian equities snapped four days of gains to end lower on Thursday. Benchmarks in Europe and Asia also fell and US index futures were down. Equities tumbled on rising concerns about an imminent Fed rate hike

Investors are focusing on tightening monetary policy as concerns persist about the omicron variant’s threat to global growth and company earnings. Fed officials said a strengthening economy and higher inflation could lead to earlier and faster rate increases than expected, with some also favoring moves to shrink the balance sheet soon after.

06 Jan 2022, 03:52:40 PM IST

Sensex falls 600 pts, gives up 60K, Nifty ends below 17,800; IT hit, auto gains

Indian equities snapped four days of gains and ended lower on Thursday, in line with the trend in global peers. Globally, equity indices fell after the minutes of the latest FOMC meeting signaled sooner-than-expected rate hikes. A surge in fresh covid-19 cases, especially of the Omicron variant, also spooked investors.

The Sensex fell 621.31 points, or 1.03%, to close the day at 59,601.84, while Nifty declined 179.40 points to 17,745.90.

On the Nifty, JSW Steel, UltraTech Cement, Tech Mahindra, Shree Cements and Reliance Industries fell the most, while UPL, IndusInd Bank, Bajaj Auto, Bharti Airtel and Eicher Motors were among the top gainers.

Most sectoral indices ended lower, with IT and realty indices down over 1% each. Nifty Bank ended off lows, and the auto index ended higher.

Broader markets also recovered, with BSE MidCap and SmallCap indices ending flat.

India VIX rose 4.35% to 17.98. 

Sensex stocks at close on 6 January.
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Sensex stocks at close on 6 January.
06 Jan 2022, 03:24:46 PM IST

Top gainers/losers on Nifty 

Nifty gainers/losers.
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Nifty gainers/losers.
06 Jan 2022, 03:15:06 PM IST

Losses in RIL, Infosys, HDFC twins keep Sensex in the red 

Sensex contributors.
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Sensex contributors.
06 Jan 2022, 03:13:05 PM IST

Manappuram Finance to consider raising funds: BSE filing 

The company is considering various options for raising funds through borrowings including by the way of issuance of various debt securities in onshore / offshore securities market by Public Issue, on Private Placement Basis or through issuing Commercial Papers. 

Based on the prevailing market conditions, the Board of Directors / Financial Resources and Management Committee / Debenture Committee of the Board of Directors of the Company may consider and approve issuances of Debt Securities during the month of January, 2022, subject to such terms and conditions including the issue price of debt securities, as the Board / respective Committee may deem fit.

06 Jan 2022, 03:11:34 PM IST

Bajaj Finserv Q3 update: BSE filing 

Bajaj Finserv
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Bajaj Finserv
06 Jan 2022, 02:57:30 PM IST

Simpliwork leases 64,000 sq ft in Chennai to SBI Card

Managed officespace provider Simpliwork said it has expanded its footprint to Chennai, and plans to capitalize on accelerated demand for flex offices amongst companies. It has opened a 64,000 sq ft centre in Chennai, in a property developed by K. Raheja Corp., and has leased the space to credit card and payment solutions provider, SBI Cards and Payment Services Ltd.

The transaction was facilitated by property advisory JLL India.

06 Jan 2022, 02:50:30 PM IST

Omicron to impact Q4 FY2022 hotel operations: Icra

With a sharp rise in Omicron infections in the last one week across India, and several states imposing partial lockdowns or curfews, hotels have been witnessing cancellations for January, with bookings and enquiries for next few weeks down, finds a new report by credit ratings agency Icra.

While the situation is still evolving, it said that till December 2021, there was strong demand and there was only some cutdown in discretionary business travel. Leisure travel, until December, it said, largely remained unaffected. The third quarter of FY 21-22 was significantly better than the agency's earlier projections, it stated.

"With the emergence of the Omicron variant and sharp rise in infections, several states have imposed partial lockdowns. This will curtail travel over the next few weeks. We are witnessing cancellations and hotel enquiries have dropped. A month of complete lockdown will impact FY 21-22 pan-India occupancy by four percentage points," said Vinutaa S, assistant vice president and sector head at the agency.

06 Jan 2022, 02:42:35 PM IST

FAO food price index rose 28.1% in 2021 to reach 10-year high

06 Jan 2022, 02:28:52 PM IST

Jindal Aluminium acquires Rs100 crore manufacturing plant from Indo Alusys Industries

Aluminium extruded products maker Jindal Aluminium Ltd on Thursday said that it has concluded a Rs100 crore acquisition of the assets of Indo Alusys Industries Ltd (IAIL) and announced successful commencement of production at the revived Bhiwadi plant, the company said in a statement.

The acquisition of IAIL's assets covers its manufacturing unit located in the industrial area of Bhiwadi, Rajasthan. About 70km from the national capital, the location offers strategic access of the northern market to Jindal Aluminium and brings a potential capacity of 14,000 MTPA (Metric Tonnes Per Annum) extrusions. Once fully operational, Jindal Aluminium's extrusion capacity is expected to increase from 1.25 Lakh MTPA to 1.39 Lakh MTPA.

06 Jan 2022, 02:20:15 PM IST

Byju’s looking to acquire a majority stake in Zee Learn: CNBC TV18

06 Jan 2022, 02:12:06 PM IST

Europe stocks sink after Fed signals faster rate hikes

European equities sank at open on Thursday after the US Federal Reserve signalled it was ready to hike interest rates sooner than expected to combat elevated inflation, sparking a global selloff.

London's benchmark FTSE 100 index slid 1% to 7,445.04 points, after heavy losses earlier in Asia and overnight on Wall Street.

In the eurozone, Frankfurt's DAX index also shed 1% to 16,111.16 points and the Paris CAC 40 lost 1.3% to 7,283.62.

06 Jan 2022, 02:02:28 PM IST

Reliance Industries raises $4 billion in India's biggest forex bond deal: BSE filing 

Reliance Industries Ltd has raised $4 billion in U.S dollar bonds, in the country's largest ever foreign currency bond deal.

The oil-to-telecom conglomerate raised $1.5 billion in a 10-year tranche, $1.75 billion in a 30-year and $750 million in a 40-year deal.

Reliance said the proceeds from the issuance of notes will be utilised primarily for refinancing of existing borrowings, adding that the notes were nearly three times oversubscribed with peak orderbook aggregating $11.5 billion.

06 Jan 2022, 01:55:47 PM IST

Nifty Realty worst hit among sectoral indices at this hiu

Nifty Realty index.
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Nifty Realty index.
06 Jan 2022, 01:36:30 PM IST

Samco MF launches its first new fund offer —Flexi Cap Fund

The latest entrant into the Indian mutual fund industry, Samco Mutual Fund, on Thursday announced the launch of its first new fund offer (NFO), Samco Flexi Cap Fund". The scheme will open for subscription on 17 January and close on 31 January.

The fund managers of the scheme will be Nirali Bhansali and the dedicated fund manager for overseas investments will be Dhawal Dhanani.

Flexi-cap is a new category of mutual funds, which invest a minimum of 65% of its corpus in equities. In this category, the fund manager has the flexibility to take exposure to large-cap, mid-cap, and small-cap segments without any restrictions. These funds invest money across market capitalisation.

As per the fund house, the Samco Flexi Cap Fund will look to create wealth for investors using a 3E step strategy; investing in efficient companies at an efficient price and maintaining efficient costs.

Further, the scheme will follow a growth investing strategy investing in Indian and global equities in a proportion of 65% (Indian equities) and 35% (global equities).

06 Jan 2022, 01:29:28 PM IST

Bring back audit of GST annual returns: ICAI

Accounting rule maker Institute of Chartered Accountants of India (ICAI) has asked the government to bring back the audit and certification provisions relating to Goods and Services Tax (GST) annual returns, saying that doing away with audit will disrupt compliance.

GST authorities last August dropped the provision for mandatory audit of annual returns for businesses with sales of 2 crore and above and introduced self-certification of a reconciliation statement for those with five crore sales and more, replacing the certification needed by a chartered or cost accountant.

This self-certified statement is for reconciling the value of supplies declared in the return furnished for the financial year, with the audited annual financial statement. Self-certification puts the responsibility on taxpayers to furnish true and accurate details in their annual return. The idea was to encourage voluntary compliance and to improve ease of doing business. The change is applicable for FY21 and beyond.

In a proposal to the finance ministry, ICAI suggested that amendments made to Central GST Act through the Finance Act last year should be withdrawn and the requirement of getting annual accounts audited and reconciliation statement certified by a chartered accountant be reinstated in law because GST audit by a chartered accountant ensures tax payer compliance and helps in plugging revenue leakages.

06 Jan 2022, 01:22:17 PM IST

Alembic Pharma gets US FDA nod for Entacapone tablet: BSE filing 

Alembic Pharmaceuticals Ltd today announced that it has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Entacapone Tablets USP, 200 mg. The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD) Comtan Tablets, 200 mg, of Orion Corporation. Entacapone Tablets are indicated as an adjunct to levodopa and carbidopa to treat end-of-dose "wearing-off" in patients with Parkinson's disease. ,

Entacapone Tablets USP, 200 mg have an estimated market size of US$ 10.5 million for twelve months ended September 2021 according to IQVIA.

06 Jan 2022, 01:14:55 PM IST

Nifty Bank recovers from day's low

06 Jan 2022, 01:11:55 PM IST

Yes Securities recommends buy on Indraprastha Gas; target price at ₹620/share 

We estimate an earnings CAGR of ~13-14% over FY21-30e, driven by a ~12% CAGR in gas sales and EBITDA per unit of 7-7.5/unit. Our target price (TP) of 620/sh , is based on DCF, with a terminal growth rate of 4% post projection period of FY21-30e and WACC of 11%, where FCFF of IGL-SA , MNGL (50% stake) and CUGL (50% stake) are individually discounted and added proportionately to arrive at consolidated equity value

06 Jan 2022, 01:03:22 PM IST

Kotak MF launches Kotak Midcap 50 ETF

Kotak Mahindra Mutual Fund has announced the launch of Kotak Midcap 50 ETF, an open-ended scheme that will track the Nifty Midcap 50 Index.

The scheme opened for subscription on Thursday and closes on January 20, 2022. Investors can invest a minimum amount of 5,000 during the period.

The new fund offering (NFO) is benchmarked against the Nifty Midcap 50 Index (TRI), which captures the movement of the mid-cap stocks in the market. As per their press release, since 2004, in 11 out of 18 years, the Nifty Midcap 50 Index has performed better than both Nifty 50 and Nifty 500. Quoting data from the National Stock Exchange, the AMC states that Nifty Midcap 50 has given a CAGR return of 44.9% year-to-date compared to 25.6% for Nifty 50 and 31.6% for Nifty 500.

06 Jan 2022, 01:00:04 PM IST

Aurobindindo Pharma launches its brand of oral covid pill Molnaflu in India

06 Jan 2022, 12:50:34 PM IST

Yes Securities recommends BUY on Reliance Industries, target price at ₹2,860/share

In our view while RIL’s metamorphosis is unique in corporate history, at the same time, company has successfully evolved in the past from a polyester manufacturer to a refining giant and then to an oil & gas conglomerate. Now a higher focus on B2C segments and technology is aiding expansion of trading multiples from erstwhile commodity multiples. 

We value RIL on SOTP basis at 2860/share, implying a P/E multiple of 24x FY24, as against 20x stock is currently trading at.

06 Jan 2022, 12:35:26 PM IST

Barring Bharti Airtel, Maruti, all Sensex stocks in the red 

Sensex stocks 
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Sensex stocks 
06 Jan 2022, 12:33:26 PM IST

India rate hikes inevitable as inflation surges, says Nomura: Bloomberg 

The Reserve Bank of India will likely start raising borrowing costs from April as fresh curbs to tackle a resurgent Covid-19 outbreak could disrupt supply chains and drive consumer prices higher, according to Nomura Holdings Inc.

“It’s a more complicated situation for RBI, but substantial further delays in normalization would be tough because the global monetary policy backdrop is changing," Sonal Varma, chief economist for India and Asia ex-Japan at Nomura, said in an interview to Bloomberg Television. “We are expecting 100 basis points of cumulative hikes this year."

With inflation staying within target most of this fiscal year that began in April, India’s central bank has managed to keep borrowing costs at a record low to ensure a durable economic recovery in the face of risks from the omicron coronavirus variant. Nomura sees upside risks to its 5.6% full-year inflation forecast due to possible supply disruptions as states ratchet up pandemic curbs. Meanwhile, minutes of the recent Federal Reserve meeting pointed to an aggressive tightening path, pushing up yields of India’s bonds.

06 Jan 2022, 12:23:24 PM IST

CLSA recommends BUY on UPL, sets target price at ₹1,100/share

1. UPL is aiming for 25% Ebitda margins by FY26 vs 20.6% in 1HFY22

2. Success in differentiated and sustainable products (management expects a 50% contribution to sales from such products by FY26 from 29% currently) and unique farmer oriented solutions that create demand for such products should enable UPL to achieve this goal

3. A transition towards high-value products should drive a PE rerating. We reiterate a BUY rating, raise our target price to 1,100 from 1,060, and raise FY22-24 EPS estimates 2-3% as we build in spot currency assumptions

4. New launches in the next five years key to achieving 25% Ebitda margin

5. Unique farmer-oriented solutions should raise demand for high-value products

6. Reiterate BUY; target price raised to Rs1,100; EPS estimates raised 2-3%

 

06 Jan 2022, 12:15:03 PM IST

Delhi HC dismisses BJP leader Subramanian Swamy's plea to quash Air India disinvestment process, set aside approvals given by Centre: PTI

06 Jan 2022, 12:02:04 PM IST

Delhi expected to log over 14,000 new Covid cases on Thursday. No death due to Omicron confirmed in city: Health Minister Satyendar Jain

06 Jan 2022, 11:48:40 AM IST

G R Infraprojects to consider fund raising by issuance of NCDs: BSE filing 

06 Jan 2022, 11:30:30 AM IST

For investors in cement stocks, rail freight data offers some comfort

Indian Railways reported a 23% sequential rise in cement volumes transported in December, showed the data shared by the Ministry of Railways. However, on a year-on-year basis, volumes declined a marginal 1%.

An analysis of this data by JM Financial Institutional Securities Ltd showed that the y-o-y decline in sales can be attribute to short-term challenges in Central, East and South during the first half of the month.

In a report dated 5 January, the domestic brokerage house said volumes in December were 14% higher compared to volume transported in September 2021.

"The demand recovered gradually over the course of the month with sharp bounce-back in 2H of December 2021. On a quarter-on-quarter basis, volumes transported in 3Q is marginally higher by 3% versus 2Q," added the report.

06 Jan 2022, 11:16:20 AM IST

New COVID-19 cases in India jump 57% in a day to 90,928

06 Jan 2022, 11:13:53 AM IST

Punjab govt forms high-level committee to probe lapses during PM's visit: PTI 

06 Jan 2022, 10:59:40 AM IST

L&T Construction awarded large contracts for its Water & Effluent Treatment Business

L&T classifies orders worth 2,500 crore to 5,000 crore as large.

06 Jan 2022, 10:57:35 AM IST

FMCG makers prepare for a new round of price hikes

Prices of fast-moving consumer goods (FMCG), such as biscuits, milk-based edibles and personal care items, could continue to rise this quarter as companies try to counter inflationary headwinds.

Biscuit maker Parle Products said it will effect another price hike in the quarter. “On some products, we have already taken it up in December. And the balance of them will happen in January—this will be about 5-7% increase. The price hike will continue till February," said Mayank Shah, senior category head at the company. This year, the company would have hiked prices by 10-12% on its entire portfolio. (Read here)

06 Jan 2022, 10:55:24 AM IST

Mahanagar Gas rises; LIC has acquired 2% stake in the gas utility 

06 Jan 2022, 10:47:35 AM IST

All sectoral indices in the red 

Nifty indices.
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Nifty indices.
06 Jan 2022, 10:32:51 AM IST

N.Korea launches second hypersonic missile: Reuters 

North Korea fired a "hypersonic missile" this week that successfully hit a target, state news agency KCNA reported on Thursday, its second such test as the country pursues new military capabilities amid stalled denuclearisation talks.

The launch on Wednesday was the first by North Korea since October and was detected by several militaries in the region, drawing criticism from governments in the United States, South Korea, and Japan.

North Korea first tested a hypersonic missile in September, joining a race headed by major military powers to deploy the advanced weapons system.

06 Jan 2022, 10:30:04 AM IST

Derivatives View: ICICI Securities 

Nifty

The Nifty opened higher and closed near the day’s high on Wednesday, with a gain of more than 0.64%. Though the index witnessed a sharp up move, 18000 Call option did not witness any meaningful closure and continues to hold highest OI of more than 70 lakh shares. Hence, we expect the Nifty to face major resistance around 18000 levels.

Bank Nifty

On Wednesday, the Bank Nifty outperformed the Nifty as healthy buying in heavyweight like HDFC Bank, Kotak Bank among others helped it to sustain at higher levels. Looking at option chain, Bank Nifty 38000 Call strike witnessed sizeable OI addition that should act as immediate hurdle.

 

06 Jan 2022, 10:18:55 AM IST

Office leasing: IT sector's share continues to shrink

The information technology (IT) sector, which was once a key demand driver for office spaces, continues to see a decline in its share of leasing transactions. According to the latest data by property consultant Knight Frank India, in the second half of calendar year 2021, the share of IT sector in office leasing declined to 27% from 41% a year ago.

The increased adoption of work from home culture post the pandemic led IT companies to postpone decision on leasing office spaces, especially after a severe second-wave of Covid hit the country in March 2021.

Even though IT was the largest contributor to total office transactions for Grade A properties seen in H2 2021, the decline in its share in just one year is steep. This has clearly weighed on office rentals. On a year-on-year basis, rentals declined 7.6% in 2021, said the Knight Frank report.

06 Jan 2022, 10:16:46 AM IST

Rupee slips 6 paise to 74.44 against US dollar in early trade

06 Jan 2022, 09:55:12 AM IST

Nifty view: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

There has been a reaction from the resistance zone of 17800-17950. This would not mean the end of the current trend. The trajectory will continue to be positive until 17200 is not broken on a closing basis. Bottom picking or accumulation is always a strategy that can be adopted. However, I am of the opinion that unless we do not close above 17950, the next leg of this rally will not commence.

06 Jan 2022, 09:52:17 AM IST

IT companies likely to continue growth rally in Q3 on strong demand

Indian IT services companies are likely to continue their growth rally in October-December despite it being a seasonally weak quarter due to furloughs and lower working days in key markets of the US and Europe.

Analysts at brokerage firms believe IT companies will buck the trend of seasonally weak third-quarter earnings and report robust growth on the back of strong demand. “Attrition and supply-side pressure would start to ease off from this quarter and would continue to decline for the next two-three quarters," Edelweiss Securities said in a pre-earnings note.

Most brokerages agree that the strong demand environment is expected to continue in Q3 FY22, with tier-2 players outgrowing tier-1 companies. (Read here)

06 Jan 2022, 09:48:52 AM IST

Nifty IT worst hit among sectoral indices

Indian IT stocks fell on Thursday tracking losses in global peers.

A rout in technology shares in Asia accelerated after the Federal Reserve signaled interest-rate hikes may be more aggressive than many had expected. Treasuries held losses.

An MSCI Inc. index of the region’s equities retreated for the third day in four with a gauge of tech shares among the worst performing. U.S. futures fluctuated after the Nasdaq 100 tumbled the most since March as rising Treasury yields added to concerns over growth and profitability. The S&P 500 retreated as traders increased bets U.S. rates will increase at least three times this year.

Nifty IT.
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Nifty IT.
06 Jan 2022, 09:32:27 AM IST

Broader markets also fall; India VIX up over 5%

Nifty indices.
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Nifty indices.
06 Jan 2022, 09:26:31 AM IST

Sensex stocks mostly lower as Fed minutes spooks investors 

Sensex gainers/losers in opening deals.
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Sensex gainers/losers in opening deals.
06 Jan 2022, 09:18:20 AM IST

Nifty opens in the red

Nifty50
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Nifty50
06 Jan 2022, 09:17:30 AM IST

Sensex falls 500 points at open 

Market check.
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Market check.
06 Jan 2022, 09:07:32 AM IST

Nifty below 17,800 in pre-open 

Nifty50
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Nifty50
06 Jan 2022, 09:06:30 AM IST

Sensex falls 400 points in pre-open, slips below 60K

Market check 
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Market check 
06 Jan 2022, 08:58:11 AM IST

Housing sales rise 51% in top eight cities

Housing sales across top eight cities rose 51% last year, even as the office market continued to slump due to the covid pandemic with gross leasing witnessing a 3 % fall, according to Knight Frank India.

Housing sales increased to 232,903 units during last year from 154,534 units in 2020, but demand was down 5% from the 2019 pre-pandemic levels and 37% lower than the 2011 peak numbers.

In the office segment, the gross leasing of office space fell to 38.1 million sq. ft in 2021, from 39.4 million sq. ft in the previous year, due to the adverse impact of the second wave of the covid pandemic.

06 Jan 2022, 08:50:30 AM IST

Oil falls from one-month high on OPEC+ supply plans, U.S. fuel inventory surge

Oil prices lost ground on Thursday, easing from their highest levels in more than a month as OPEC+ producers stuck to a plan to boost production and U.S. fuel stockpiles surged amid declining demand.

The global benchmark Brent crude futures fell 87 cents, or 1.08%, to $79.93 a barrel. U.S. West Texas Intermediate (WTI) crude futures lost 62 cents, or 0.8%, to $77.23 a barrel.

06 Jan 2022, 08:29:24 AM IST

Nifty view: Nagaraj Shetti, technical research analyst, HDFC Securities

Indian stock market continued with upside momentum on Wednesday, but the pace of the market seems to have reduced and the volatility has started to occur at the higher levels. There is a possibility of consolidation movement or minor weakness on NSE Nifty near 18,000 levels in the next 1-2 sessions, before showing further upside movement from dips. Immediate support for NSE Nifty is placed at 17,760 levels.

06 Jan 2022, 08:24:45 AM IST

Cairn withdraws all tax cases

Capricorn Energy Plc., formerly Cairn Energy Plc., said on Wednesday it has entered the last leg of the settlement of a controversial tax dispute by withdrawing all lawsuits against the Indian government, which will pave the way for the authorities to refund 7,900 crore or approximately $1.06 billion to the British explorer.

Capricorn and Cairn UK Holdings Ltd said in a newspaper announcement that they have entered the final stage in the undertaking with the Indian government “by withdrawing Indian and global appellate and enforcement proceedings". This action is the final necessary step by the firm under the rules of India’s Taxation (Amendment Act) 2021, the announcement said. (Read here)

06 Jan 2022, 08:23:37 AM IST

Stocks to Watch

Shares of Reliance Industries, HDFC Bank, Jet Airways, Future group, Macrotech Developers, among others, will be in focus today.

06 Jan 2022, 07:55:00 AM IST

SGX Nifty futures traded at 17,838, down 135.50 points, or 0.75%, in early deals on Thursday 

06 Jan 2022, 07:44:28 AM IST

Asia stocks fall as tech rout deepens

Stocks in Asia dropped Thursday after a selloff in U.S. technology shares and Treasuries accelerated once Federal Reserve minutes signaled interest-rate hikes may be more aggressive than many had expected.

An MSCI Inc. index of the region’s equities retreated for the third day in four, though declines were more restrained than in the U.S. U.S. contracts fluctuated after the Nasdaq 100 tumbled the most since March as rising Treasury yields added to concerns over growth and profitability. The S&P 500 retreated as traders increased bets U.S. rates will increase at least three times this year.

The yield on the U.S. 10-year note pared some of its gains. It climbed to 1.71%, a level not seen since April. Overnight swaps markets moved to price in an 80% chance of a 25 basis-point hike at the Fed’s meeting in March. The dollar was little changed.

A selloff in Chinese tech companies eased in Hong Kong. Chinese companies listed in the U.S. extended their decline after Tencent Holdings Ltd. cut its stake in an online gaming company, triggering concerns of similar action at other firms amid Beijing’s regulatory crackdown on the sector.

S&P 500 futures rose 0.1%, while Nasdaq 100 futures rose 0.1%. 

Japan's Topix index fell 1%, Australia’s S&P/ASX 200 Index fell 1.3%, South Korea's Kospi index lost 0.6%, Hang Seng Index was little changed, and Shanghai Composite Index fell 0.4%.

Overnight, stocks closed lower on Wall Street after minutes from the Federal Reserve’s last meeting raised expectations that the central bank will move faster to raise interest rates to fight inflation.

The S&P 500, The Dow Jones Industrial Average and the Nasdaq fell. Drops in major technology stocks were the biggest weight on the market.

The S&P 500 fell 92.96 points, or 1.9%, to 4,700.58. The Dow Jones Industrial Average fell 392.54 points, or 1.1%, to 36,407.11. The Nasdaq fell 522.54 points, or 3.3%, to 15,100.17.

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