INDIA STOCKS-Indian shares open marginally lower on China COVID woes

Follow us on Google News:
 INDIA STOCKS-Indian shares open marginally lower on China COVID woes
Image source: ©2022 Kalkine Media®

(Adds opening levels)


BENGALURU, Nov 28 (Reuters) - Indian stocks opened lower on Monday, tracking weakness in global markets, as sentiment took a hit due to protests in major Chinese cities against the country's strict zero-COVID policy.

The benchmark S&P BSE Sensex opened down 0.23% to 62,150.97, while the NSE Nifty 50 index fell 0.19% to 18,477.35, before erasing all the opening losses.

Nifty MidCap 100 and Nifty SmallCap 100 outperformed their larger peers, rising 0.34% and 0.47%, respectively.

The slide followed a decline in Asian markets due to worries about COVID-19 management in the world's second-largest economy, after demonstrators and police clashed in Shanghai on Sunday. The MSCI Asia ex-Japan index shed 1.45%.

Fears about a COVID-led dent in China's economic growth also weighed on commodities, with Brent crude slipping to $83 per barrel.

Foreign institutional investors bought a net 3.69 billion rupees ($45.17 million) worth of equities on Friday, while domestic investors sold a net 2.96 billion rupees ($36.24 million) worth of shares, as per provisional NSE data.

Among individual shares, Paytm fell 5.2% after the Reserve Bank of India declined to allocate a payment aggregator licence to the company.

Shares of VA Tech Wabag rose 4.47%, the most since Nov. 15, after signing an agreement with Asian Development Bank towards raising 2 billion Indian rupees through unlisted non-convertible debentures. ($1 = 81.6850 Indian rupees) (Reporting by Bharath Rajeswaran in Bengaluru; editing by Uttaresh.V and Janane Venkatraman)

Disclaimer

The above content is directly sourced from Reuters under a contractual arrangement. The content is being provided as a convenience and for informational purposes only; and does not constitute an endorsement or approval by Kalkine Media of any of the products, services, or opinions of the organization or individual. The user is apprised that Kalkine Media bears no responsibility for the accuracy, legality, or content of Reuters, any external sites, or for that of subsequent links. The user is requested to contact Reuters directly for answers to questions regarding the content. Please note that Kalkine Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Featured Articles