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.
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]