Indian shares edge lower, Hero MotoCorp top loser
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BENGALURU - Indian shares inched lower early on Thursday, dragged by losses across the board as global sentiment soured and investors moved away from riskier assets due to concerns over high inflation and the risk of recession.
The NSE Nifty 50 index was down 0.23% at 16,485.65 by 0353 GMT, while the S&P BSE Sensex fell 0.12% to 55,315.87.
In the previous session, both indexes swung between gains and losses for most of the day and settled slightly lower as pharma and technology stocks fell.
On Thursday, automaker Hero MotoCorp and Oil and Natural Gas Corporation fell 2.6% and 1.9%, respectively, and were the top percentage losers on the Nifty 50 index.
A 1% gain in index heavyweights Tata Consultancy Services and Reliance Industries limited losses on the Nifty 50.
Conglomerate Reliance said on Wednesday its retail arm's unit Reliance Brands and Italy's Plastic Legno SPA signed a joint venture deal to buy a 40% stake in Plastic Legno SPA's toy manufacturing business in India.
Meanwhile, MSCI's broadest index of Asia-Pacific shares outside Japan was down 1% in morning trade amid worries over inflation and recession.[MKTS/GLOB]
