Indian shares slide as finance, pharma sectors drag
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BENGALURU - Indian shares fell on Wednesday, dragged by banking and pharma stocks, with Reliance Industries and Housing Development Finance Corporation Ltd weighing on the Nifty 50 index.
The blue-chip NSE Nifty 50 index slipped 0.24% to 17,956.10 and the benchmark S&P BSE Sensex fell 0.26% to 60,165.7 by 0359 GMT.
The Nifty Bank Index dropped 0.47%. Bandhan Bank, RBL Bank, and IDFC First Bank — down between 0.9% and 1.4% — led the losses on the sub-index.
Pharma stocks, such IPCA Laboratories, Aurobindo Pharma, and Lupin Ltd shed 1.78%, 1.51% and 1.45%, respectively. The Nifty Pharma Index was down 0.53%.
SpiceJet said on Wednesday U.S. planemaker Boeing had agreed to settle outstanding claims related to the grounding of its 737 MAX aircraft. Shares were down 0.6% in early trade.
In global trading, Wall Street equities were boosted by the dollar reaching a four-and-a-half-year high against the yen after data showed U.S. retail sales rose faster-than-expected in October. Asian shares slipped.
