July 14, 2020 / 4:13 AM / 24 days ago

Indian shares slip as virus fears persist; banks, financial stocks drag

* NSE index 0.68% lower, BSE index falls 0.74%

* Nifty banking index down 1.6%

* Financials index falls 1.5%

BENGALURU, July 14 (Reuters) - Indian shares ticked lower on Tuesday led by losses in banking and financial stocks, as domestic coronavirus cases continued to surge, while a weak performance among Asian peers also weighed on the sentiment.

The broader NSE Nifty 50 index fell 0.68% at 10,729.75 by 0345 GMT and the benchmark S&P BSE Sensex was down 0.74% at 36,423.79.

Coronavirus cases in the world’s second-most populous country rose to 906,752 as of Tuesday morning, according to the federal health ministry data https://www.mohfw.gov.in, leaving investors concerned about its impact on the Indian economy as many states and cities tighten restrictions again.

Asian shares slipped on simmering Sino-U.S. tensions and persistent coronavirus concerns among investors.

In Mumbai, banking and financial fell further after a Moody’s report on Monday warned on COVID-19 related headwinds to Indian banking, which is already facing a high number of bad debt and a loan repayment moratorium which threatens to hurt revenue.

The Nifty banking index fell 1.6% and the financials index shed 1.5% in early Tuesday trading.

Among stocks, HDFC Bank and Axis Bank were the top losers, dropping 1.63% and 1.17%, respectively.

Wipro Ltd was the session’s top gainer, advancing 1.36%, ahead of its quarterly earnings report scheduled for later in the evening. (Reporting by Derek Francis in Bengaluru; Editing by Rashmi Aich)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below