Indian shares edge lower as metals, banks fall; Nykaa soars in debut
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BENGALURU -Indian shares ended slightly lower on Wednesday, weighed down by metals and bank stocks, while online fashion startup Nykaa nearly doubled in a stellar market debut.
The blue chip NSE Nifty 50 index closed down 0.15% at 18,017.20, while the benchmark S&P BSE Sensex lost 0.13% to end at 60,352.82.
After retreating from record highs in October on heavy foreign selling and overvaluation fears, Indian equities somewhat rebounded last week in part due to positive sentiment during the festive season of Diwali.
However, markets have struggled to continue the momentum this week, with both main indexes on Wednesday clocking their second straight session of losses.
In Mumbai trading, the Nifty Metal Index fell 1.76%, tracking broader metal markets. Dalian iron ore futures hit a year's low, as demand worries intensified owing to China's regulations on steel and a worsening liquidity crisis in the country's property sector. [TOP/MTL]
The Nifty Bank Index lost 0.88% and posted its third straight session of losses. Lender IndusInd Bank was the top percentage loser on the Nifty 50.
On the upside, Nykaa's parent firm made a blockbuster debut, valuing the Indian online beauty startup at nearly $14 billion.
Investors were also focused on fintech firm Paytm's initial public offering, expected to be India's biggest, that closes its subscription later on Wednesday. The IPO was inching towards a full subscription in the final hours of its issue period.
Among other stocks, jewelry retailer Kalyan Jewellers India and skills and talent development firm NIIT gained 3.6% and 8.9%, respectively, after reporting strong September-quarter results.
Broader global markets held steady below record highs as investors awaited U.S. inflation data. [MKTS/GLOB]
