Indian shares drop over 1% as tech, banking stocks fall

  • 9/28/2021
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BENGALURU, Sept 28 (Reuters) - Indian shares dropped more than 1% on Tuesday after three straight sessions of gains, weighed down by losses in tech stocks and private banks and concerns about China Evergrande Group"s debt crisis. The blue-chip NSE Nifty 50 index (.NSEI) fell 1.12% to 17,654.45 by 0752 GMT and the benchmark S&P BSE Sensex (.BSESN) lost 1.3% to 59,297.48 after trading flat earlier. The S&P BSE MidCap (.NIFMDCP100) and the S&P BSE SmallCap (.NIFSMCP100) indexes tracked their larger peers to slip nearly 1% each. A downturn in global investor sentiment over the Evergrande (3333.HK) debt crisis also affected Indian markets, said Anita Gandhi, director at Arihant Capital Markets. Trading was volatile with the Nifty volatility index (.NIFVIX) jumping 2.7%. Ajit Mishra, Vice President of Research at Religare Broking, said volatility could continue as the festive and the earnings seasons kick in. Tech stocks (.NIFTYIT) dropped more than 2% after Monday"s 2.9% slump. Tech Mahindra (TEML.NS) fell over 3% to be among the biggest losers on the Nifty 50. Telecom operator Bharti Airtel (BRTI.NS) lost over 4% and was the biggest loser on the benchmark index. Private Banks (.NIFPVTBNK) dropped 1.5% after three consecutive sessions of gains, with IndusInd bank (INBK.NS) sliding 2.5%. Energy stocks (.NIFTYENR) rose more than 2% to hit a record high, with Power Grid Corp (PGRD.NS) climbing over 4% to top the Nifty 50. Real estate stocks (.NIFTYREAL) were down about 5% after five straight sessions of gains, with Oberoi Realty (OEBO.NS) sliding more than 7% to lead losses on the sub-index. Reporting by Soumyajit Saha in Bengaluru; Additional reporting by Vishwadha Chander; Editing by Subhranshu Sahu Our Standards: The Thomson Reuters Trust Principles.

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