November 29, 2019 / 4:44 AM / 15 days ago

Indian shares slip on expectations of slower economic growth, trade worries

* NSE index down 0.32%, BSE index 0.37% lower

* Sept-qtr GDP growth seen at 4.7% - Reuters poll

* Future Retail jumps 14% on CCI approval of acquisition by Amazon

BENGALURU, Nov 29 (Reuters) - Indian shares lost ground on Friday on expectations of slower economic growth in the September quarter and as rising uncertainty over a Sino-U.S. trade deal hurt demand for risk assets.

The NSE Nifty 50 index was down 0.32% at 12,111.30 by 0400 GMT, while the S&P BSE Sensex fell 0.37% to 40,976.15.

India’s economy was seen growing at 4.7% in the quarter to September, its weakest pace in more than six years, according to a Reuters poll published on Thursday.

The data is scheduled to be released later on Friday.

The country’s economic growth had slowed to 5% in the previous quarter, due to decelerating demand and falling exports, prompting a raft of actions from the government, including a corporate tax cut in September.

Broader Asian markets were also lower as investors feared that a new U.S. law backing Hong Kong protests could derail efforts to end the U.S.-China trade war. The MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.9%.

In India, metal stocks were the biggest losers in early trade, with the Nifty Metals index falling 0.6%. Sector heavyweight Tata Steel dropped 1.7%.

Banks were also among the biggest drags. The Nifty bank index, which tracks both state-owned and private-sector lenders, fell 0.34%. Generic drugmaker Dr Reddy’s was among the top losers on the Nifty, shedding 1.5%, while Bharti Infratel advanced 8.81% and topped the gainers on the index.

Future Retail rose 14% after the Competition Commission of India (CCI) approved here the acquisition of the company by Amazon.com. (Reporting by Derek Francis in Bengaluru; Editing by Aditya Soni)

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