Shares down 0.21 points in volatile trade | india | Hindustan Times
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Shares down 0.21 points in volatile trade

india Updated: Jun 28, 2006 18:29 IST

Share prices closed down 0.21 per cent in volatile trade on Wednesday with investors cautious ahead of a key US Federal Reserve meeting where interest rates are expected to be hiked, dealers said.

They said sentiment was weakened by media reports that domestic interest rates could rise by one percentage point in the next 12 to 15 months in the face of increasing inflation.

The Sensex lost 21.31 points at 10,129.7. It opened 2.1 per cent lower but then recovered during choppy afternoon trade only to slip back into negative territory.

The US Federal Reserve is expected to send a tough message on inflation after its two-day meeting ends on Thursday where a 17th consecutive rate increase is widely expected by financial markets.

"The global trends are obviously weak due to the interest rate scenario," said Krishna Kumar Karwa, managing director with Emkay Shares and Stock Brokers.

"Local rate concerns and lack of buying interest will continue to impact the sentiment until corporate earnings performance next month," he added.