Indian shares slide as finance, pharma sectors drag

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BENGALURU, Nov 17 (Businesshala) – Indian stocks fell on Wednesday in banking and pharma stocks, with Reliance Industries and Housing Development Finance Corporation Ltd weighing on the Nifty 50 index.

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Blue-chip NSE Nifty 50 index slipped 0.24% to 17,956.10 and benchmark S&P BSE Sensex fell 0.26% to 60,165.7 at 0359 GMT.

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Nifty Bank index fell 0.47%. Bandhan Bank, RBL Bank and IDFC First Bank – down between 0.9% and 1.4% – led the losses on the sub-index.

Pharma stocks such as IPCA Laboratories, Aurobindo Pharma and Lupine Ltd fell 1.78%, 1.51% and 1.45%, respectively. The Nifty Pharma index was down 0.53%.

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SpiceJet said on Wednesday that US plan maker Boeing has agreed to settle outstanding claims related to the shutdown of its 737 MAX aircraft. Shares were down 0.6% in early trading.

In global trade, Wall Street equities got a boost after the dollar hit a four-and-a-half-year high against the yen, as data showed US retail sales rose faster than expected in October. Asian shares fell. (Reporting by Vishwa Chander in Bengaluru; Editing by Uttaresh. V)

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