Indian shares fall as finance, energy sectors drag; Reliance down over 1%

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BENGALURU (Businesshala) – Indian stocks fell on Tuesday as gains in tech and metal stocks led to losses in the finance and energy sectors, with heavyweight Reliance Industries’ blue-chip Nifty 50 index down more than 1.5%.

FILE PHOTO: People pass by the Bombay Stock Exchange (BSE) building in Mumbai, India March 9, 2020. REUTERS/Francis Mascarenhas/File photo

The NSE Nifty 50 index slipped 0.2% to 18,072.55 and the benchmark S&P BSE Sensex fell 0.25% to 60,567.11 at 0438 GMT.

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Nifty Bank index fell 0.43%. According to Gaurav Garg, Head of Research, Capitalvia Global Research, the sub-index is facing a stiff resistance near the 39,000 level.

Federal Bank, IDFC First Bank and Kotak Mahindra Bank fell between 0.60% and 1.05%.

Meanwhile, AK Prabhakar, Head of Research, IDBI Capital, also highlighted that inflation is a worrying factor in India and the United States. “Many companies are looking to hike prices,” he said, adding that this could affect inflation and, therefore, the policy of the Reserve Bank of India.

Agricultural tractor-maker Escorts Ltd on Monday said the steady rise in commodity prices is “needing a price hike” of its tractors from November 21.

Among energy stocks, NTPC Ltd and Adani Transmission lost 0.95% and 0.82%, respectively, while the Nifty Energy index fell up to 0.76%.

However, tech stocks edged higher on the back of gains in Coforge. The IT company jumped 6.87% to hit a one-month high after filing to list US depository shares on the New York Stock Exchange.

Realty shares by Macrotech Developers were up by up to 4.7% after the Lodha Group owner initiated share sale to institutional investors. Nifty Realty Index rose 0.64%.

The Nifty Metal and Nifty Auto indices gained nearly 1% each.

Broader Asian stocks rose as investors watched a crucial meeting between US President Joe Biden and Chinese leader Xi Jinping. [MKTS/GLOB]

Reporting by Vishwadha Chander in Bengaluru; Editing by Uttaresh.V

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