April 16, 2024 at 12:28 am EDT
BENGALURU (Reuters) - Indian shares fell on Tuesday as a slide in information technology stocks on receding bets of early U.S. rate cuts added to investors' concerns over the conflict in the Middle East.
The NSE Nifty 50 was down 0.41% at 22,182.80 as of 9:52 a.m. IST, while the S&P BSE Sensex fell 0.51% to 73,019.76.
U.S.-rate sensitive IT stocks dropped 1.2%, the most among the major sectors.
Asian markets declined on Tuesday, following a lower close on Wall Street overnight, after stronger-than-expected U.S. retail sales data added to fading expectations of an early Federal Reserve rate cut.
Riskier assets continued to remain under pressure after Iran launched explosive drones and missiles at Israel on Saturday.
"The tensions arising between Israel and Iran are likely to keep domestic markets subdued for a few sessions," Deven Choksey, managing director of DRChoksey Finserv said.
"Investors are assessing the gravity and volume of this particular situation for its impact on global trade."
India's benchmark indexes, Nifty 50 and S&P BSE Sensex, have dropped about 2% each in last two sessions.
High-weightage financials fell 0.6%. Shriram Finance, IndusInd Bank and Bajaj Finance shed 1.3%-1.7% and were among the top five Nifty 50 losers.
IT company LTIM indtree lost about 3% and was the top Nifty 50 loser after it reported two global executive vice presidents' exits.
Jio Financial Services rose 4% after it announced a new joint venture with BlackRock to set up a wealth management and broking business in India.
Newly-listed Bharti Hexacom jumped 5% after Jefferies initiated coverage of the telephone services provider's stock with a "buy" rating.
The broader, more-domestically focussed small- and mid-caps gained 0.8% and 0.1%, respectively.
They had dropped about 1.6% each on Monday, underperforming the benchmarks. (Reporting by Bharath Rajeswaran in Bengaluru; Editing by Janane Venkatraman, Savio D'Souza and Mrigank Dhaniwala)
Sumber : Reuters
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