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Indian shares fall as banking stocks, Tata Steel drag

Bengaluru, August 20 (Reuters): Indian shares slipped on Friday, dragged by financial stocks and heavyweight Tata Steel, with sentiment dented by Asian shares that fell on a stronger dollar and worries about an early tapering of stimulus by the U.S. Federal Reserve.

By 0349 GMT, the blue-chip NSE Nifty 50 index (.NSEI) was down 0.71% at 16,451.50, while the benchmark S&P BSE Sensex (.BSESN) fell 0.59% to 55,301.20.

Shares of Tata Steel (TISC.NS) fell 3.96% in early trade. The steel major had rallied roughly 4% at the start of this week, extending gains it had seen after posting a strong set of June-quarter numbers.

Banking stocks (.NSEBANK) dropped about 1.02%, dragged by shares of HDFC Bank (HDBK.NS), State Bank of India (SBI.NS), and IndusInd Bank (INBK.NS), among others.

Auto-maker Eicher Motors (EICH.NS) fell as much as 2.6% after media reports that shareholders voted down the reappointment of its managing director Siddhartha Lal.

CarTrade Tech, an online classifieds platform for used cars, and cement-maker Nuvoco Vistas will make their market debuts on Friday.

Among broader markets, Asian shares extended losses on Friday from the 2021 low set a day earlier, while the dollar held onto its recent gains sitting at a nine-month high.

Disclaimer :- This story has not been edited by The Sen Times staff and is auto-generated from news agency feeds.
Source: Reuters


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