Bengaluru: Indian shares fell for a third session on Tuesday, with automobile stocks leading losses, as risk-averse trades take hold of financial markets globally.
The NSE Nifty 50 index fell 0.55% to 17,146 as of 0510 GMT, and the S&P BSE Sensex was down 0.51% to 57,692.61.
“The market has been range-bound in the last few days and will continue to be so until we see the effect of inflation on company results,” said Samrat Dasgupta, chief executive officer of Esquire Capital Investment Advisors.
Asian equities fell as investors worried about rising interest rates and an escalation in the Ukraine war in the backdrop of warnings from the World Bank and the International Monetary Fund of growing global recession risks. [MKTS/GLOB]
In domestic trading, the Nifty’s automobile index and the energy index fell 0.98% and 0.69%, respectively.
Tata Consultancy Services Ltd posted its biggest intraday pct fall in more than three weeks, weighing on the Nifty IT index which was down 0.75%.
The IT major said it was seeing some softness in long-term deal decision making, though it reported a bigger-than-expected rise in quarterly profit on Monday.
Panacea Biotec Ltd climbed as much as 20% to hit an upper circuit after the biotechnology firm said it got a long-term supply award worth $127.30 million from the UNICEF and the Pan American Health Organization.
Meanwhile, a Reuters poll found India’s retail inflation accelerated to a five-month high of 7.30% in September due to surging food prices, staying well above the Reserve Bank of India’s tolerance band for a ninth month. The data is due after market hours on Wednesday.
Esquire Capital’s Dasgupta, however, was optimistic. “We have seen the worst of inflation getting over so don’t see much of a domestic inflation scare as of now.” -Reuters
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