January 21, 2020 / 5:02 AM / a month ago

Nifty, Sensex settle lower on weak earnings, growth concerns

A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, India, December 11, 2018. REUTERS/Francis Mascarenhas/Files

BENGALURU (Reuters) - Indian shares ended lower for a second straight session on Tuesday, as a string of weak earnings reports and a cut in the International Monetary Fund’s (IMF) growth forecast for the country weighed on sentiment.

The NSE Nifty 50 index ended 0.45% lower at 12,169.85, while the benchmark S&P BSE Sensex shed 0.49% to close at 41,323.81.

Analysts said December-quarter results last week from India’s top two companies by market value - Reliance Industries Ltd and Tata Consultancy Services Ltd - failed to inspire investor confidence, weighing on markets for a second straight session.

Meanwhile, the IMF on Monday trimmed back its 2020 global growth forecasts due to a sharper-than-expected slowdown in India and other emerging markets.

Bharti Infratel Ltd was the biggest gainer on the Nifty, rising 8.6%, while Tata Steel Ltd declined the most, with a 3.3% fall.

Reporting by Sachin Ravikumar; Editing by Devika Syamnath

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