May 29, 2019 / 6:55 AM / 3 months ago

Nifty, Sensex edge lower over global recession fears

(Reuters) - Indian shares inched lower on Wednesday, dragged down by State Bank of India and Zee Entertainment Enterprises Ltd, amid lingering concerns about a global economic slowdown.

A man walks past a new brand identity for Nifty Indices inside the National Stock Exchange (NSE) building in Mumbai, India, May 28, 2019. REUTERS/Francis Mascarenhas

The broader Nifty was down 0.026% at 11,896.40 as of 0450 GMT, while the benchmark Sensex was trading 0.26% lower at 39,646.18.

The rupee fell as much as 0.22% to 69.840 against the dollar, as oil prices slipped and broader Asian shares struggled to find ground over concerns that the ongoing U.S.-China trade tensions could result in a global economic downturn.

“Global markets were facing turbulence and domestic investors are shifting focus to these global cues and other macro factors impacting markets,” said Siddhartha Khemka, head of retail research at Motilal Oswal Securities.

“How trade talks pan out between the U.S. and China will be looked at, what sectors will be negatively impacted by the outcome will be of concern.”

State Bank of India shares fell as much as 2.6%, while those of Zee Entertainment inched 2.78% lower.

Shares of Sun Pharmaceutical Industries Ltd fell as much as 1.56% to their lowest since May 21. On Tuesday, the drug manufacturer posted a near 53% drop in quarterly profit.

Dewan Housing Finance Corporation Ltd (DHFL) rose as much as 4.1%. The loan provider denied media reports that alleged that the Ministry of Corporate Affairs had found shell companies associated with it and had issued a lookout notice for its promoters.

Shares of DHFL had fallen 3.65% on Tuesday.

Telecom major Bharti Infratel Ltd’s shares rose as much as 2.38%, while GAIL (India) Ltd rose 2.48% and were the top gainer on the NSE index.

Index heavyweight Tata Consultancy Services Ltd climbed 1.8% to 2,111 rupees and was on track for its third straight session of gains.

Reporting by Chandini Monnappa in Bengaluru; Editing by Rashmi Aich

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