Indian Equities Drop as Negative Global Cues Shadow Oil Decline
The benchmark S&P BSE Sensex fell 0.8 percent to 35,199.80 at the 3:30 p.m. close in Mumbai, while the NSE Nifty 50 Index retreated 0.5 percent.
- Ten of the 19 sector indexes compiled by BSE Ltd. retreated, led by an index of software exporters, after the rupee strengthened for a sixth day through Tuesday against the U.S. dollar. A gauge of property developers rose the most.
- Software firm Tata Consultancy Services Ltd.’s 3.5 percent drop was the steepest among Nifty members. Drugmaker Dr. Reddy’s Laboratories Ltd. jumped 6.5 percent, the most in 14 months, after getting approval for an opioid treatment copycat drug.
- India Aviation, Paint Stocks Rise as Crude Drops to 11-Month Low
- The India currency and bond markets are closed for a local bank holiday and equity trades won’t be settled today.
- “Global factors will gain more prominence than local issues in the near term as long as there’s no real strong domestic reason that impacts the markets,” said Sampath Reddy, chief investment officer at Bajaj Allianz Life Insurance Co. in Pune.
- “Given that markets have already corrected, the valuations are relatively better and the continued decline in oil prices make the fundamentals positive,” he said.
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