Indian shares open lower as conglomerate ITC weighs
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BENGALURU - Indian shares opened lower on Wednesday, weighed down by consumer goods giant ITC Ltd as its profit slipped in the March quarter, while broader Asian stocks edged higher after data showed U.S. manufacturing activity rose in May.
The blue-chip NSE Nifty 50 index fell 0.19% to 15,545.50 by 0345 GMT, while the benchmark S&P BSE Sensex shed 0.25% to 51,800.02.
Cigarettes-to-hotels conglomerate ITC fell more than 2% and was the biggest drag to the Nifty 50. Financials stocks also declined, with mortgage lender HDFC Ltd and ICICI Bank Ltd falling 0.6% each.
HDFC has risen in the last six trading sessions out of eight.
Asian shares edged up to near three-month highs on Wednesday and global equities held steady near a record, as data showing higher U.S. manufacturing activity in May cheered investors looking for signs of a continued rebound in the world's largest economy. [MKTS/GLOB]
