Indian shares fall as auto, tech stocks drag; Paytm tanks in debut

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BENGALURU (Businesshala) – Indian shares were set for a holiday-shortened week lower on Thursday, as automobile and information technology stocks took losses in the markets, while digital payments company Paytm opened the market lower. was registered.

The Bombay Stock Exchange (BSE) building is pictured next to a police van in Mumbai, India, 24 August 2015. Businesshala/Danish Siddiqui/File photo

As of 0525 GMT, the blue-chip NSE Nifty 50 index had fallen 0.77% to 17,761.30, while the benchmark S&P BSE Sensex was down 0.65% to 59,615.45.

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Both indices have struggled this week, hurt by a combination of rising global inflation concerns, valuation concerns and the end of the domestic September-quarter earnings season.

“Due to the extraordinary monetary accommodation provided by global central banks … valuations of many businesses (have become astronomical),” said Ajay Bodke, an independent market analyst.

Broader global stock markets also fell as concerns over rising inflation clouded interest rates and growth outlook. [MKTS/GLOB]

In Mumbai trading, Paytm shares tumbled up to 26.2% in its stock market debut, making its Rs 183 billion initial public offering India’s biggest.

Nifty Auto index fell 2.12% and was on track to break two straight sessions of gains. Tata Motors fell 4.2% to be the top loser on the Nifty 50.

Nifty IT index was down 1.66% and was set to break the four-day winning streak. HCL Technologies fell 2.8%.

Sapphire Foods India, the domestic franchisee of KFC and Pizza Hut operator Yum Brands, gained 4.1% in its market opening.

Shares of oil-to-metal conglomerate Vedanta fell 5.6 per cent. The company said on Wednesday that it has constituted a board committee to evaluate strategic measures.

Reporting by Anuron Kumar Mitra in Bengaluru; editing by Uttaresh.V

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