Indian shares subdued as weakness in metals counters automobile gains
BENGALURU - Indian shares were little changed on Monday, after climbing nearly 3% in the previous session, as a sharp selloff in metal stocks countered gains in the automobile sector.
The NSE Nifty 50 index was up 0.05% at 16,274.85 by 0400 GMT, while the S&P BSE Sensex rose 0.1% to 54,395.28. Both the indexes posted their first weekly gain in six on Friday.
The Nifty metals index dropped 6.6%, while the Nifty auto index rose 2%.
The Indian government said on Saturday, effective May 22, it would remove the import duty on anthracite, PCI coal, and coking coal, aiming to reduce raw material costs.
Among individual stocks, One 97 Communications, the parent of digital payments firm Paytm, fell 2.2%. The company late on Friday reported a wider loss for the March quarter.
In broader Asia, stocks fell on Monday worries of impact of rising interest rates on global economic growth and as fresh selling in technology stocks hurt Chinese markets. [MKTS/GLOB]
