September 25, 2017 / 6:39 AM / 10 months ago

Indian shares fall for fifth day led by L&T, HDFC Bank

* NSE index down 0.93 pct, BSE index 0.83 pct lower

* Nifty PSU bank index down as much as 2.8 pct

* Shoppers’s Stop hits over 2-year high

By Vishal Sridhar

Sept 25 (Reuters) - Indian shares fell as much as one percent on Monday and extended losses for a fifth straight session, tracking weakness in Asian peers, with index heavyweights Larsen & Toubro Ltd and HDFC Bank Ltd dragging down the indexes.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.35 percent, while Chinese stocks remained shaky following the Federal Reserve’s hawkish policy stance and S&P’s downgrade of China’s sovereign rating last week.

The broader NSE index was down 0.93 percent at 9,871.95 as of 0546 GMT, while the benchmark BSE index was 0.83 percent lower at 31,656.37.

“It’s a clear case of correction out there with investors taking a more cautious approach in the near term,” said Siddhartha Khemka, Head of research - Equity, Centrum Wealth.

Shares of HDFC Bank Ltd and Larsen & Tourbro Ltd fell 1.5 percent and 2.3 percent, respectively.

The Nifty PSU Bank index was down for a third straight session, sliding as much as 2.8 percent. Andhra Bank and Canara Bank Ltd lost more than 2 percent each.

Tata Steel Ltd was among the top percentage losers on the index, plunging more than 4 percent and pushing the Nifty Metal index lower.

Meanwhile, Shopper’s Stop Ltd climbed to its highest since Feb. 5, 2015 after an Amazon affiliate agreed to buy a stake in the retailer. (Reporting by Vishal Sridhar in Bengaluru; Editing by Vyas Mohan)

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