Indian shares end lower on tech, auto losses; Paytm tumbles in debut

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The Bombay Stock Exchange (BSE) building is pictured next to a police van in Mumbai, India, 24 August 2015. Businesshala/Danish Siddiqui/File photo
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BENGALURU (Businesshala) – Indian shares posted their first weekly loss for the month on Thursday and ended the day lower, hurt by falls in technology and automobile stocks, while digital payments company Paytm opened its market share up to 25%. fell over.

The blue-chip NSE Nifty 50 index fell 0.75% to 17,764.8, while the benchmark S&P BSE Sensex was down 0.62% at 59,636.01.

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Both indices ended the holiday-trimmed week lower by nearly 2% to cut gains for three consecutive weeks as global inflation concerns and valuation concerns soured investor sentiment.

Paytm, backed by China’s Ant Group and Japan’s SoftBank, fell more than 25%, with investors questioning the high valuations achieved in the country’s biggest initial public offering.

Auto stocks were the worst losers among sectors, falling over 2% to snap two straight sessions of wins, with Tata Motors falling nearly 4% to lead losses on the Nifty 50 index.

Tech shares were down nearly 2%, with HCL Technologies down nearly 3%.

Sapphire Foods India, the domestic franchisee of KFC and Pizza Hut operator Yum Brands, gained 2.7% in its market opening.

Meanwhile, Japan’s Kubota Corp hit a record high as agricultural machinery maker Escorts Ltd said it would increase its stake in the company to 44.8%.

State-owned loss-making telecommunications firm Mahanagar Telephone Nigam Ltd rose 15% after reports of a government package of nearly 1.3 trillion rupees ($17.54 billion) to revive state-run telcos.

Reporting by Soumyajit Saha in Bengaluru; Editing by Maju Samuel

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