Indian stocks drop to 1-month low

BENGALURU, Aug 29 (Reuters): Indian shares fell on Monday to close at their lowest in a month, weighed down by losses in information technology and banking stocks after US Federal Reserve signalled aggressive rate hikes.
Fed Chair Jerome Powell's promise of policy "pain" to contain inflation quashed hopes that the central bank would soften its rate hike stance to prevent an economic slowdown.
The NSE Nifty 50 index ended down 1.4 per cent at 17,312.90, while the S&P BSE Sensex dropped 1.5 per cent at 57,972.62.
The IT index slumped 3.5 per cent, while the bank index fell 1.8 per cent.
The Indian rupee dropped to an all-time low versus the dollar on Monday on bets the Federal Reserve will keep a restrictive stance for longer, prompting the Reserve Bank of India to step in.