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Indian shares slip on weak Asia cues; midcaps tumble

BENGALURU, Aug 11 (Reuters) – Indian shares slipped on Wednesday, tracking weakness in Asian peers on worries over a resurgence in COVID-19 cases, while small and midcap stocks tumbled after a bourse placed price limits to curb volatility.

By 0505 GMT, the blue-chip NSE Nifty 50 index fell 0.41% to 16,213.90 and the benchmark S&P BSE Sensex was down 0.38% to 54,349.15.

The S&P BSE Smallcap Index lost 2.73% and the BSE Midcap Index fell 1.72%, extending losses to a third session, after the BSE said it would place additional price limits on securities from Aug. 23 to curb excessive price movement.

“The BSE circular led to some profit-taking in small and midcap stocks, and elevated valuations are leading to consolidation in the market,” said Anita Gandhi, a whole-time director at Arihant Capital Markets.

The benchmark indexes hit record highs on Tuesday, adding to last week’s 3% gains that came on the back of strong corporate earnings and the central bank’s decision to keep rates unchanged.

However, weakness in Asian shares on worries about the economic impact of a rapidly spreading Delta coronavirus variant dampened sentiment. India’s tally of COVID-19 cases has crossed 32 million. read more

In Mumbai trading, Bajaj Auto Ltd and Shree Cement Ltd were among the top drags on the Nifty, both falling more than 2%.

The Nifty Metal index, however, provided a boost by adding 0.92%. It ended 2.76% lower on Tuesday.

Tata Steel and JSW Steel were among the top gainers, rising 1.3% and 1.9%, respectively.

Shares of Zomato Ltd jumped more than 5% as investors looked past a quarterly loss and focused on strong revenue growth in the food delivery firm’s first earnings as a publicly listed company.

Carlyle-backed animal healthcare firm SeQuent Scientific (SEQU.NS) slumped 20% after reporting a sharp drop fall in June-quarter profit.

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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