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Indian shares slip as losses in Reliance outweigh Coal India gains

09/13/2021 | 06:30am EDT

BENGALURU, Sept 13 (Reuters) - Indian shares closed lower on Monday, as losses in heavyweight Reliance Industries over a delay in launching its low-cost smartphone, outweighed sharp gains in Coal India.

The blue-chip NSE Nifty 50 index closed 0.08% lower at 17,355.30, and the benchmark S&P BSE Sensex fell 0.22% to 58,177.76.

Investors are also awaiting August inflation data due later in the day, though analysts expect the reading to hold steady and stay within the central bank's comfort zone, a Reuters poll showed.

Reliance dragged the index lower, ending down 2.23% after it delayed the launch of an "ultra-affordable" smartphone, being developed by the company's telecom arm and Google, to November.

Private sector lenders ICICI Bank and HDFC Bank ended down 1.8% and 0.8% respectively, and were among the top five losers on the Nifty.

However, losses were cushioned by sharp gains in the world's largest coal miner, Coal India, that ended up 4% after local media reported it might raise prices to mitigate the impact of rising costs and a wage revision.

IT stocks also lent support, with shares of Tata Consultancy Services closing 1.4% higher, among the top gainers on both the indexes, following the company's partnership with Dutch tech company NXP Semiconductors NV.

Among other stocks, beleaguered airline Jet Airways jumped 5% on news it would resume domestic operations by the first quarter of 2022. Telecom operator Bharti Airtel, which scaled a record high during the session, ended up 1.04%.

Nifty's metal index advanced for a third session, rising 1.29%.

Suryoday Small Finance Bank SURO.BO settled 20% higher after a report said lender Clix Capital Services was in merger talks with the bank.

(Reporting by Soumyajit Saha in Bengaluru; Editing by Vinay Dwivedi)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BHARTI AIRTEL LIMITED -0.58% 686.15 End-of-day quote.34.72%
COAL INDIA LIMITED -3.29% 183.8 Delayed Quote.35.70%
HDFC BANK LIMITED 2.93% 1687.4 Delayed Quote.17.48%
ICICI BANK LIMITED 2.44% 727.3 Delayed Quote.35.93%
JET AIRWAYS (INDIA) LIMITED 1.32% 99.65 End-of-day quote.-18.32%
NXP SEMICONDUCTORS N.V. 0.38% 189.81 Delayed Quote.19.37%
RELIANCE INDUSTRIES LTD 0.20% 2700.4 Delayed Quote.36.02%
TATA CONSULTANCY SERVICES LTD. -1.20% 3611.45 Delayed Quote.26.15%
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