The data heightened fears among investors that the Fed might have to keep rates higher for longer to tackle inflation. Fed futures now have rates peaking around 5.42%, suggesting at least three more hikes from the current 4.5% to 4.75% band. Asian markets declined, with the MSCI's broadest index of Asia-Pacific shares outside Japan falling 0.59%. Foreign institutional investors (FII) offloaded a net 14.70 billion rupees ($177.33 million) worth of equities on Friday, while domestic investors purchased a net 14.01 billion rupees worth of Indian shares. Indian equities logged their worst week in over eight months on Friday amid fears of aggressive interest rate hikes by global central banks and a fall in liquidity.
STOCKS TO WATCH
** Power Grid : Co accords multiple investment
approvals worth 8.04 bln rupees.
** IRB Infrastructure : Co gets Letter of Award
from National Highways Authority of India for projects worth
21.32 bln rupees.
** Tega Industries : Co expects to complete the
acquisition of Mcnally Sayaji Engineering over next the two
months after National Company Law Tribunal approves the
resolution plan.
** Phoenix Mills : Co's unit completes acquisition
of a prime land parcel in Kolkata for 4.13 bln rupees.
($1 = 82.8973 Indian rupees) (Reporting by Bharath Rajeswaran in Bengaluru; editing by Eileen Soreng)
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