Indian shares fall as banking stocks, Tata Steel drag
BENGALURU- Indian shares slipped on Friday, dragged by financial stocks and heavyweight Tata Steel, with sentiment dented by Asian shares that fell on a stronger dollar and worries about an early tapering of stimulus by the U.S. Federal Reserve.
By 0349 GMT, the blue-chip NSE Nifty 50 index was down 0.71% at 16,451.50, while the benchmark S&P BSE Sensex fell 0.59% to 55,301.20.
Shares of Tata Steel fell 3.96% in early trade. The steel major had rallied roughly 4% at the start of this week, extending gains it had seen after posting a strong set of June-quarter numbers.
Banking stocks dropped about 1.02%, dragged by shares of HDFC Bank, State Bank of India, and IndusInd Bank, among others.
Auto-maker Eicher Motors fell as much as 2.6% after media reports that shareholders voted down the reappointment of its managing director Siddhartha Lal.
CarTrade Tech, an online classifieds platform for used cars, and cement-maker Nuvoco Vistas will make their market debuts on Friday.
Among broader markets, Asian shares extended losses on Friday from the 2021 low set a day earlier, while the dollar held onto its recent gains sitting at a nine-month high.
