Indian shares snap winning run as tech, banking losses weigh

Indian shares snap winning run as tech, banking losses weigh

A basic view of the Bombay Stock Exchange (BSE), after Sensex exceeded the 60,000 level for the very first time, in Mumbai, India, September 24,2021 REUTERS/Francis Mascarenhas

BENGALURU, Sept 28 (Reuters) – Indian shares closed lower for the very first time in 4 sessions on Tuesday, as personal banks and innovation stocks dropped, with default dangers surrounding China Evergrande Group denting belief even more.

The blue-chip NSE Nifty 50 index (. NSEI) ended 0.6%lower at 17,7486, while the benchmark S&P BSE Sensex (. BSESN) was down 0.68%at 59,6676.

The Nifty Midcap (. NIFMDCP100) and Nifty Smallcap (. NIFSMCP100) likewise mirrored their bigger peers, slipping about 0.6?ch.

Trading through the session was unpredictable, as shares recuperated from a more than 1%drop and swept in between favorable and unfavorable areas. The Nifty volatility index (. NIFVIX) was up 2.7%.

Concerns around China Evergrande’s (3333 HK) financial obligation crisis, and greater U.S. bond yields and unrefined rates were functioning as “essential headwinds” in worldwide belief, stated Vinod Nair, head of research study at Geojit Financial Services.

Technology stocks (. NIFTYIT) moved more than 2%, with Tech Mahindra ( TEML.NS) decreasing over 3%to be amongst the most significant losers on the Nifty 50.

Telecom operator Bharti Airtel ( BRTI.NS) was the most significant loser on the benchmark index, down 3.7%.

Private banks (. NIFPVTBNK) snapped 3 straight sessions of losses, with IndusInd Bank ( INBK.NS) shedding 1.6%.

Energy stocks (. NIFTYENR), nevertheless, increased more 1.9%to strike a record high. Power Grid Corp ( PGRD.NS) climbed up over 4%to be the leading gainer on the Nifty 50.

State-run power energy NTPC ( NTPC.NS) likewise rose 4?ter it verified winning 1.9 GW of solar jobs under the Central Public Sector Undertaking (CPSU) plan.

Real estate stocks (. NIFTYREAL) fell after 5 straight sessions and were down over 3%, with Oberoi Realty ( OEBO.NS) moving over 6.6%to lead losses on the sub-index.

Reporting by Soumyajit Saha in Bengaluru, extra reporting by Vishwadha Chander; modifying by Uttaresh.V

Our Standards: The Thomson Reuters Trust Principles.

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