Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Indian shares fall for 4th day on weaker metals; Reliance results in focus

10/22/2021 | 06:37am EST
A woman walks past the Bombay Stock Exchange building in Mumbai

BENGALURU, Oct 22 (Reuters) - Indian shares reversed early gains to end lower for a fourth straight session on Friday, dragged mostly by metal stocks, while investors geared up for earnings reports from oil-to-telecom giant Reliance Industries and other corporates.

The blue-chip NSE Nifty 50 index closed down 0.35% at 18,114.9, while the benchmark S&P BSE Sensex fell 0.17% to 60,821.62.

The two indexes also posted their first weekly loss in three, as equities continued to trade near record-high valuations and worries over the impact of rising commodity inflation on margins persisted.

Selling would likely continue near record levels and the indexes would struggle to rise "till institutional buying has returned," said Gaurav Garg, head of research at CapitalVia Global Research.

Domestic institutional investors sold a net $511 million worth in Indian capital markets in the last three sessions, according to Refinitiv data, while foreign institutional investors sold about $19.6 million worth of Indian equities in the same time.

Metals were the worst-performing sector on Friday, with aluminium products maker Hindalco Industries falling 4.7% to be the biggest loser on the Nifty 50.

A drop in benchmark metal prices hurt stocks, while uncertainty surrounding the impact of regulatory intervention in China also weighed on sentiment, said Anita Gandhi, director at Arihant Capital Markets.

Tech stocks fell more than 1% to their lowest in over a week, with Mphasis Ltd shedding over 4%.

Consumer goods stocks fell more than 1%, with ITC Ltd leading losses in the sector.

Banks and real estate stocks advanced 0.7% and 2.6%, respectively. The two sectors benefited from an encouraging COVID-19 vaccination program, said Ajit Mishra, vice president of research at Religare Broking. (Reporting by Soumyajit Saha in Bengaluru, additional reporting by Gaurav S. Dogra; Editing by Ramakrishnan M.)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHINA EVERGRANDE GROUP -0.88% 2.25 End-of-day quote.-84.90%
HINDALCO INDUSTRIES LIMITED -1.63% 424.95 End-of-day quote.76.69%
INDIAN BANK -0.73% 142.6 End-of-day quote.66.69%
ITC LIMITED -1.69% 221.65 Delayed Quote.6.05%
MPHASIS LIMITED -0.57% 3085.45 End-of-day quote.100.26%
OIL AND NATURAL GAS CORPORATION LIMITED 1.32% 145.9 Delayed Quote.56.80%
RELIANCE INDUSTRIES LTD -3.00% 2408.25 Delayed Quote.25.06%
Latest news "Economy & Forex"
04:30aChina securities regulator says govt policies have no "necessary connection" with overseas IPOs
03:58aCHINA SECURITIES REGULATOR : Says has achieved positive progress in promoting cooperation on some key issues with sec and pcaob
03:57aCHINA SECURITIES REGULATOR : Says has held candid, and constructive communications with sec and pcaob
03:56aCHINA SECURITIES REGULATOR : Says chinese govt policies are not targeting specific industry or private companies, and has no connection with firms' overseas listing
03:53aCHINA SECURITIES REGULATOR : Says it understands some domestic firms are actively communicating with domestic and overseas regulators to list in the u.s.
03:51aCHINA SECURITIES REGULATOR : Says will continue to communicate with u.s. counterpart to resolve accounting and regulating issues
03:50aCHINA SECURITIES REGULATOR : Says media report that china will ban companies with vie structure from u.s. listing is total misunderstanding and misreading
03:48aCHINA SECURITIES REGULATOR : Says respects chinese companies' choice of listing venues on the basis of compliance
03:32aECOWAS Mission Observes the Presidential Election in The Gambia
03:32aMINISTRY OF COMMERCE AND INDUSTRY OF REPUBLIC : For harnessing agricultural and food products exports potential from eastern Uttar Pradesh, APEDA organized ‘Agri-export conference cum Buyer Seller Meet' at Mirzapur
Latest news "Economy & Forex"