Bengaluru, Oct. 11 (BNA): Indian stocks fell for a third session, with auto stocks leading losses, as risk-aversion deals dominated financial markets globally.
The NSE Nifty 50 was down 0.55% at 17146 as of 0510 GMT, and the S&P BSE Sensex was down 0.51% at 57692.61, Reuters reported.
“The market has been range-bound in the past few days and will remain so until we see the impact of inflation on the company’s results,” said Samrat Dasgupta, CEO of Esquire Capital Investment Advisors.
Asian stocks fell amid investor concern about rising interest rates and against the backdrop of warnings from the World Bank and the International Monetary Fund of the growing risks of a global recession.
In local trading, the Nifty Automotive Index and the Energy Index were down 0.98% and 0.69%, respectively.
Tata Consultancy Services Ltd posted its biggest intraday drop in more than three weeks, weighing on the Nifty IT Index, which fell 0.75%.
The major IT company said it was seeing some flexibility in its long-term deal decisions, even though it posted a bigger-than-expected increase in quarterly profit on Monday.
Panacea Biotec Ltd. has stepped up. up 20% to reach a top circle after the biotech company said it won a $127.30 million long-term supply award from UNICEF and the Pan American Health Organization.
Meanwhile, a Reuters poll showed India’s retail inflation accelerated to a five-month high of 7.30% in September due to higher food prices, remaining well above the Reserve Bank of India’s tolerance range for a ninth month. Data is due out after trading hours on Wednesday.
But Dasgupta of Esquire Capital was bullish. “We’ve seen the worst of inflation pass, so we don’t see a lot of domestic inflation concerns just yet.”
SM