Indian stocks fall as banks, financials drag; Nykaa, Paytm in focus

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FILE PHOTO: Clouds are seen over the Bombay Stock Exchange (BSE) building in Mumbai, India May 25, 2016. Businesshala/Danish Siddiqui
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BENGALURU (Businesshala) – Indian stocks fell on Wednesday as banks and financial stocks weakened, while investors focused on fashion e-commerce startup Nykaa’s market debut and digital payments firm Paytm’s IPO.

Blue chip NSE Nifty 50 index fell 0.59% to 17,937.80 and benchmark S&P BSE Sensex fell 0.64% to 60,048.97 as of 0354 GMT.

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The Nifty Bank index fell 0.87%, while the Nifty Financial Services index fell 0.89%.

Mortgage lenders HDFC Ltd and ICICI Bank were among the top percentage losers on the Nifty 50.

Later on Wednesday, investors are expecting a strong market start from FSN E-commerce Ventures, which owns TPG-backed Nykaa, whose offering was up nearly 82 times last week and received bids worth $32.55 billion. .

Fintech firm Paytm’s initial public offering, which is expected to be India’s biggest, shuts its membership later in the day. The IPO got 48% subscription on the second day of the issue period.

Broader Asian markets fell as a jump in oil and sugar factory prices raised concerns about a warmer US inflation reading. [MKTS/GLOB]

Reporting by Anuran Kumar Mitra in Bengaluru; Ramakrishnan M.

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