December 31, 2019 / 5:18 AM / 2 months ago

Indian shares slide on year-end profit-booking; Nifty posts 12% jump for 2019

A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, November 9, 2016. REUTERS/Danish Siddiqui/File Photo

BENGALURU (Reuters) - Indian shares ended lower on the final trading day of the year, as investors booked profits ahead of a finance ministry announcement, while the benchmark Nifty 50 index clocked a 12% gain for 2019, outclassing its performance in 2018.

The Nifty closed 0.71% lower at 12,168.45 on Tuesday, while the Sensex ended down 0.73% at 41,253.74. The Sensex advanced 14.4% in 2019.

To view an interactive graphic on the Nifty 50's performance over the past decade, click here: tmsnrt.rs/2souuEj

While both the blue-chip indexes clocked gains, their smaller peers suffered losses in 2019, a year in which India’s economic growth slowed to a five-year low. The BSE MidCap index shed 3.1% this year, and the BSE SmallCap index lost 6.9%.

“There has been a clear divide in economy and markets this year,” said Rusmik Oza, head of fundamental research at Kotak Securities in Mumbai. “There may not be a quick recovery in the economy but market may do relatively better on account of strong earnings and favourable tax changes.”

Meanwhile, India’s finance minister near the end of the trading session announced a slew of investments in infrastructure, giving details about the government’s plans on 1 trillion rupees ($14 billion) of investments on roads, railways, airports and agricultural projects.

($1 = 71.2901 rupees)

Reporting by Sachin Ravikumar; Editing by Rashmi Aich

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