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Indian stocks inch lower as tech losses outweigh energy gains

10/21/2021 | 02:00am EST
FILE PHOTO: People walk past the Bombay Stock Exchange (BSE) building in Mumbai

BENGALURU, Oct 21 (Reuters) - Indian shares slipped on Thursday, as technology stocks fell on fears of steep valuations, outweighing gains in energy stocks.

The NSE Nifty 50 index was down 0.7% at 18,134, while the S&P BSE Sensex fell 0.8% to 60,770 by 0551 GMT.

The Nifty IT index was the top drag among the sectoral indexes, falling 2%.

"Certain pockets, where valuations have become lofty and have seen frenzy buying in small and midcap indexes, are seeing a correction," said Saurabh Jain, assistant vice president of research at SMC Global Securities.

The Nifty mid-cap index was down 1.1%, while the small cap index dropped 0.7%.

"Largely, IT companies have reported good set of numbers. But the valuations are rich in the sector and there is a good amount of room for correction."

Refinitiv Eikon data showed that the Nifty trades at a price-to-earnings ratio of 22.8 times forward earnings estimates.

"Sustained selling by institutional investors indicate that smart money regards the market as overheated and over-valued," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Data from Refinitiv also showed that domestic institutional investors sold $1.03 billion worth of securities in Indian capital markets in the past one week.

Among shares, oil explorer Oil and Natural Gas Corp rose 1.8%, Indian Oil Corp gained 2.9%, Bharat Petroleum Corp was up 1.5% and Hindustan Petroleum Corp rose 3.7%.

Future Retail fell 4% after a Singapore arbitration panel ruled that the retailer must take part in arbitration over a commercial dispute with Amazon.com Inc .

Department store chain Shoppers Stop rose as much as 15.1% on a smaller loss in the September quarter.

Havells India dropped as much as 9.6% after it posted a fall in quarterly profit.

Investors now eye September-quarter results from a slew of companies, including Asian Paints, JSW Steel , TVS Motor Co and Biocon. (Reporting by Nallur Sethuraman and Gaurav Dogra in Bengaluru; editing by Uttaresh.V)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. -2.12% 3504.56 Delayed Quote.7.60%
ASIAN PAINTS LIMITED -0.04% 3143.1 Delayed Quote.13.74%
BHARAT PETROLEUM CORPORATION LIMITED -5.81% 376.85 Delayed Quote.4.99%
BIOCON LIMITED 0.08% 362.8 Delayed Quote.-22.11%
FUTURE RETAIL LIMITED -3.55% 50.25 Delayed Quote.-33.80%
HAVELLS INDIA LIMITED -4.48% 1327.2 Delayed Quote.51.66%
INDIAN OIL CORPORATION LIMITED -3.74% 120.95 Delayed Quote.38.15%
JSW STEEL LIMITED -7.63% 628.6 End-of-day quote.62.30%
OIL AND NATURAL GAS CORPORATION LIMITED -5.16% 147.1 Delayed Quote.66.68%
SHOPPERS STOP LIMITED -8.09% 314.55 End-of-day quote.57.39%
TVS MOTOR COMPANY LIMITED -3.62% 677.05 End-of-day quote.39.44%
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