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Indian shares fall as banks, consumer sectors drag

11/25/2021 | 12:31am EST

BENGALURU, Nov 25 (Reuters) - Indian shares edged lower on Thursday as consumer, financials, and metals stocks slipped, with a 2% fall in ICICI Bank weighing the most on the blue-chip Nifty 50 index.

The benchmark S&P BSE Sensex was down 0.05% at 58,313.06 by 0502 GMT, while the NSE Nifty 50 index dipped 0.07% to 17,403.10.

"Structurally, our view remains bullish on Indian equities but in the near term, there are signs of some exhaustion in the equity rally after the ferocious rise seen over the past few months," Amar Ambani, head — institutional equities at Yes Securities said.

Indian equities have outperformed their Asian peers strongly this year as the economy reopened and vaccinations sped up, with the Nifty and Sensex rising 24.6% and 22.2%, respectively, during the period.

Ambani expects the Nifty to be "at much higher levels" in 2022 while saying that the market's current correction could extend by another 5%.

Shares of most consumer goods majors, including Hindustan Unilever, Dabur India and Godrej Consumer Products, fell between 0.9% and 1.45%. The Nifty FMCG Index dropped as much as 0.89%

Analysts have said rising commodity prices could be increasing worries about margins of consumer goods companies.

The Indian arm of German engineering company Siemens fell as much as 7.8% and was on track for its worst day in 18 months after reporting a fall in quarterly profit.

The Nifty Energy Index continued its strong run to climb 0.55%, boosted by a 3% rise in heavyweight Reliance Industries.

The conglomerate said on Wednesday it would transfer its gasification assets to a unit.

IT stocks also bucked the broader trend, rising 0.88% on a 2% rise in MindTree Ltd.

Globally, stocks wobbled on a rising dollar after policy makers said they were ready to speed up tapering of stimulus if inflation stayed high. (Reporting by Vishwadha Chander in Bengaluru; editing by Uttaresh.V)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
DABUR INDIA LIMITED -0.60% 542.8 Delayed Quote.-5.85%
GODREJ CONSUMER PRODUCTS LIMITED 3.91% 894.45 Delayed Quote.-11.11%
HINDUSTAN UNILEVER LIMITED 1.83% 2328 End-of-day quote.-1.35%
MINDTREE LIMITED -1.59% 3827.2 Delayed Quote.-18.64%
RELIANCE INDUSTRIES LTD -0.20% 2373.25 Delayed Quote.0.41%
SIEMENS LTD 2.06% 2276.8 Delayed Quote.-5.53%
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