July 27, 2020 / 4:24 AM / 11 days ago

Indian shares fall as cenbank report drags banks; virus cases surge

BENGALURU, July 27 (Reuters) - Indian shares inched lower on Monday, dragged by banking stocks, after a central bank report said bad loan ratios could soar in the future, while a continued rise in domestic cases of the novel coronavirus further dented hopes of an economic recovery.

The NSE Nifty 50 index fell 0.1% to 11,180.65 by 0356 GMT and the benchmark S&P BSE Sensex 0.08% to 38,077.45.

Banking stocks dropped after a report by the Reserve Bank of India (RBI) from Friday evening said bad loans could rise to as much as 15% of the total loans by March 2021. The Nifty banking index fell 1.3%

HDFC Bank shed 2.6%, IndusInd Bank fell 1.6% and ICICI Bank declined 1.5% in early trading.

The Nifty IT index and the Nifty Energy gained about 0.6% each.

India’s most valuable stock Reliance Industries continued its rally and rose 2.2% to be the top gainer.

Total cases of COVID-19 in India touched 1.44 million by Monday morning, according to government data https://www.mohfw.gov.in. Prime Minister Narendra Modi on Sunday had said the country needed to be extra vigilant” as the threat from the virus persisted. (Reporting by Derek Francis in Bengaluru; editing by Uttaresh.V)

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