Indian shares inch lower as banks, auto drag

Bengaluru, December 9 (Reuters): Indian shares slipped on Thursday, dragged down by banking and auto stocks, a day after the central bank held rates steady to support economic growth in light of risks from inflation and the Omicron coronavirus variant.

By 0357 GMT, the blue-chip NSE Nifty 50 index (.NSEI) was down 0.11% at 17,450.55 and the benchmark S&P BSE Sensex (.BSESN) dropped 0.14% to 58,801.87 after two straight sessions of sharp gains.

The Nifty bank index (.NSEBANK) was down 0.54% and the Nifty metal index (.NIFTYMET) dropped 0.53%.

Among individual stocks, shares of Railtel Corporation of India Ltd (RAIT.NS) were up 3.8% after the company got a work order worth 2.12 billion rupees ($28.10 million) from Ircon International.

On the global front, stocks were up in choppy trade as worries about the economic impact of the Omicron coronavirus variant ebbed, while investors were cautious ahead of U.S. inflation data due on Friday.

($1 = 75.4500 Indian rupees)


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Source: Reuters