Powered by: Motilal Oswal
01-01-1970 12:00 AM | Source: Reuters
Indian shares end lower, clock best quarter so far this year
News By Tags | #928 #1014 #735 #59 #572

Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel

BENGALURU (Reuters) - Indian shares closed lower for a third straight session on Thursday, dragged by metals and private banking stocks, but they recorded this year's best quarterly gain and a fifth consecutive monthly jump.

The blue-chip NSE Nifty 50 index ended 0.53% lower at 17,618.15 on Thursday, while the benchmark S&P BSE Sensex fell 0.48% to 59,126.36.

For the quarter, the indexes climbed more than 12% each and marked their sixth straight quarterly gain. An accommodative monetary policy and easing COVID-19 curbs boosted shares to record highs and helped them outperform Asian peers.

On a monthly basis, the main indexes jumped more than 2.7% each in September.

On Thursday, however, broader concerns about a global economic recovery, expectations of tighter U.S. monetary policy, risks from a power crunch in China and a possible default by China Evergrande weighed on the markets.

The derivatives expiry - that happens on the last Thursday of every month - also added to selling pressure, said Anita Gandhi, director at Arihant Capital Markets.

Private banks fell for a third straight session. Axis Bank dropped 2% to lead losses on the subindex.

Metal stocks also fell to snap three sessions of gains, with Hindustan Zinc sliding over 3%.

Public banks advanced, driven by Indian Overseas Bank after the country's central bank took it out of the prompt corrective action framework.

Media stocks also slipped, on losses in takeover target Zee Entertainment, a day after its top shareholders approached the company law tribunal asking the firm to hold an extraordinary general meeting.

 

(Reporting by Soumyajit Saha in Bengaluru; editing by Uttaresh.V)