Indian shares dip on weak global cues; autos, FMCG stocks slide
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Indian shares opened lower on Tuesday on fears of a recession in the U.S. and a surge in COVID-19 cases in China, which has offset optimism over loosening strict pandemic restrictions.
The Nifty 50 index was down 0.54% at 18,317.75, as of 09:20 a.m. IST, and the S&P BSE Sensex opened 0.57% lower to 61,456.
Barring Adani Enterprises and State Bank of India, all the other 48 constituents in Nifty 50 logged losses.
All the major sectoral indices declined with auto, FMCG, information technology and metal stocks shedding over 0.5%.
Graphic: All sectoral indices log losses, https://www.reuters.com/graphics/SECTORAL-DEC20M/DEC20M-SECTORAL/dwpkddlgrvm/chart.png
Among individual stocks, Dabur India fell over 2.5% on a report that its promoters are planning to sell shares worth 8 billion rupees ($96.71 million).
Wall Street equities extended losses for the fourth day in a row, as risk-off sentiment prevailed in the pre-holiday week. Investors await key macroeconomic data due later this week - housing starts, existing home sales, consumer spending and inflation - for cues into the extent of the Fed policy's impact. [MKTS/GLOB]
Asian markets declined on weak cues, such as a surge in new COVID-19 infections in China and weak macroeconomic indicators, with MSCI Asia ex Japan falling 0.54%. China's business confidence fell to its lowest in nearly a decade.
