Indian shares fall as Adani stocks weigh; CPI data eyed
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BENGALURU - Indian shares on Monday retreated from record highs hit in the previous session, weighed down by Adani Group stocks, with investors awaiting consumer price inflation data (CPI) for May due later in the day.
The blue-chip NSE Nifty 50 index fell 0.24% to 15,762.60 and the benchmark S&P BSE Sensex lost 0.13% to 52,396.98 by 0347 GMT.
All Adani Group stocks, including Adani Enterprises Ltd and Adani Ports and Special Economic Zone Ltd, opened sharply lower after the Economic Times reported https://economictimes.indiatimes.com/markets/stocks/news/a/cs-of-3-fpis-owning-adani-shares-frozen/articleshow/83496483.cms that the National Securities Depository Ltd had frozen the accounts of three foreign funds that have a total investment of 435 billion rupees in Adani group companies.
Both the indexes posted their fourth straight weekly gain, on hopes that the economy would return to normalcy as several states eased COVID-19 pandemic restrictions.
Investors now eye the CPI data, with a Reuters poll showing that the country's retail inflation likely rose last month after a three-month low in April on higher food and energy prices.
State-run Coal India Ltd is set to report quarterly results later in the day.
Among global cues, the focus will also be on the U.S. Federal Reserve's policy meeting this week. The central bank has assured that rising inflation will not last long enough to warrant a sooner-than-expected end to easy-money policies.
(Reporting by Rama Venkat in Bengaluru; editing by Uttaresh.V)
