BENGALURU (Reuters) -Indian shares opened marginally lower on Monday, weighed down by banking stocks after a lackluster quarterly update from Bank of Baroda.
The NSE Nifty 50 was down 0.1% at 24,299.15 points, while the S&P BSE Sensex shed 0.2% to 79,836.46 points as of 9:26 a.m. IST.
The bank index fell 0.5%. State-owned lender Bank of Baroda lost 3.5%, after reporting soft loan growth for the June quarter on Friday.
The lender is the second-heaviest stock among public sector banks after State Bank of India.
“The growth trends in both loans and deposits in June quarter are soft,” said analysts at Nomura.
“Deposits too at 9% year-on-year are well below management’s guidance of 11-12%, we await further clarity from results,” they added.
Besides financials-linked indexes, all the other nine sectoral indexes logged gains.
Consumer companies Dabur, Marico and Adani Wilmar rose 2%-3%, after reporting a pick up in first-quarter revenue growth as demand improved gradually.
(Reporting by Bharath Rajeswaran and Manvi Pant in Bengaluru; Editing by Mrigank Dhaniwala and Sonia Cheema)
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