Indian shares slip for fifth day, JSW Steel drops
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BENGALURU - Indian shares slipped for the fifth straight session on Monday dragged lower by losses in JSW Steel after its quarterly profit missed estimates, while gains in ICICI Bank following third-quarter results kept a lid on losses.
The blue-chip NSE Nifty 50 index was down 0.48% at 17,534.35 by 0357 GMT, while the S&P BSE Sensex fell 0.39% to 58,794.50.
Nifty's metal sub-index slid more than 1% early on Monday, led by a 3.2% fall in JSW Steel after its December-quarter net profit missed analysts' estimates.
Technology stocks also lost ground in early trading, with Infosys down 1.16%, dragging the Nifty IT index more than 1% lower.
Shares of food delivery firm Zomato fell over 10% and were trading at 102 rupees apiece, its lowest since listing in July.
ICICI Bank rose as much as 1.5% after India's second-largest private-sector lender beat profit expectations on the back of strong loan growth and lower bad loan provisions. (https://bit.ly/3Ix6gco)
Investors kept an eye out for earnings reports from several companies including Axis Bank and HDFC Asset Management.
