Bangalore: Indian shares Automobile stocks fell for a third session on Tuesday, as risk-averse trades gripped financial markets globally.
The NSE Nifty 50 index was down 0.55% at 17,146 as of 0510 GMT and the S&P BSE Sensex was down 0.51% at 57,692.61.
Samrat Dasgupta, chief executive officer, Esquire Capital Investment Advisors, said, “The market has been limited over the past few days and will remain so until we see the impact of inflation on the company’s results.”
Asian equities fell as investors worried about rising interest rates and an escalation in the Ukraine war, in the backdrop of warnings from the World Bank and the International Monetary Fund of the risks of a rising global recession. [MKTS/GLOB]
In domestic trade, Nifty’s Automobile Index and Energy Index fell 0.98% and 0.69%, respectively.
Tata Consultancy Services Ltd posted its biggest ever intraday PCT Fall over three weeks, to weighNifty came on the IT index which was down 0.75%.
The IT major said it was seeing some easing in taking longer-term deals, though it posted higher-than-expected quarterly profit on Monday.
Panacea Biotech Ltd climbed 20% to hit the upper circuit after the biotechnology firm said it had received a long-term supply award of $127.30 million from UNICEF and the Pan American Health Organization.
Meanwhile, a Reuters survey found India’s retail inflation rose to a five-month high of 7.30% in September on the back of a rise in food prices, well above the Reserve Bank of India’s tolerance band for the ninth month. Data is from after market hours on Wednesday.
Dasgupta of Esquire Capital, however, remained optimistic. “The worst inflation we’ve seen is coming to an end, so don’t see much fear of domestic inflation just yet.” -Reuters
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