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Indian shares end down as pharma stocks fall, Fed meeting in focus

07/28/2021 | 07:18am EDT
People walk past the Bombay Stock Exchange (BSE) building in Mumbai

BENGALURU (Reuters) - Indian shares closed down on Wednesday as pharma stocks slipped for the second straight session, while investors waited for the outcome of a U.S. Federal Reserve meeting.

The blue-chip NSE Nifty 50 index ended down 0.24% at 15,709.40 and the benchmark S&P BSE Sensex was 0.22% lower at 52,462.42.

"The markets slipped below the crucial 15,600 level but was swift to recover, an indication that the market is still range-bound," Manish Hathiramani, proprietary index trader and technical analyst at Deen Dayal Investments, said in a note.

Shares of India's Bharti Airtel gained as much as 5.9% after the telecom services provider said it was scrapping its entry-level prepaid recharge of 49 rupees ($0.6587).

Private sector lender IndusInd Bank rose as much as 3.5% after it reported on Tuesday June-quarter net profit more than doubled to 9.75 bln rupees and provisions slid 18%.

The bank index, however, ended 0.76% lower, dragged by shares of Canara Bank, Karnataka Bank and Central Bank of India following their quarterly results this week.

Shares of Maruti Suzuki ended down about 1.04%. The country's top carmaker reported a profit for the first quarter just minutes before the markets closed.

Phillips Carbon and Welspun India were the other top gainers.

Shares of Tata Coffee tumbled as much as 8.1% -- their biggest percentage loss since Dec. 21 - after the coffee and tea producer posted a 20.3% fall in quarterly profit.

Pharma stocks were 0.42% lower, weighed down by a 2.3% fall in Dr Reddy's Lab. The stock fell as much as 11.7% on Tuesday.

Global equities regained some poise on Wednesday as a storm in Chinese stocks showed signs of easing, while the dollar made modest gains as investors awaited a Federal Reserve meeting and any fresh insight into its views on inflation and economic growth.

(Reporting by Vishwadha Chander in Bengaluru; Editing by Subhranshu Sahu and Sriraj Kalluvila)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
INDUSIND BANK LIMITED -0.11% 1130.05 End-of-day quote.26.27%
INTERGLOBE AVIATION LIMITED -1.21% 2169.5 Delayed Quote.27.43%
MARUTI SUZUKI INDIA LTD -0.91% 6950.4 Delayed Quote.-8.30%
NESTLÉ INDIA LIMITED 0.68% 20179.45 End-of-day quote.9.72%
NIFTY 50 -1.07% 17396.9 Delayed Quote.25.77%
PFIZER LIMITED -2.45% 5873.6 End-of-day quote.15.00%
PFIZER, INC. 1.55% 44.4006 Delayed Quote.19.23%
TORRENT PHARMACEUTICALS LIMITED -0.49% 3096.45 End-of-day quote.10.56%
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