Indian shares slide as finance, energy sectors drag

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BENGALURU, Nov 16 (Businesshala) – Indian stocks fell on Tuesday as losses in the finance and energy sectors led gains in tech and metal stocks.

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Blue-chip NSE Nifty 50 index slipped 0.18% to 18,076.2 and benchmark S&P BSE Sensex fell 0.22% to 60,598.6 by 0351 GMT.

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Nifty Bank index fell 0.5%. Federal Bank, IDFC First Bank, and Kotak Mahindra Bank – between 0.65% and 1.21% – led the losses on the sub-index.

Major energy stocks such as Adani Transmission and Reliance Industries lost 2.4% and 0.73%, respectively. The Nifty Energy index was down 0.47%.

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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.

The Nifty Metal index was also up 0.90%, helped by shares of Vedanta Ltd and JSW Steel.

Broader Asian shares were mostly in the form of relief as sentiment supported China’s asset sector, while investors also kept a close eye on a crucial meeting between US President Joe Biden and Chinese leader Xi Jinping.

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

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