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Indian shares muted as losses in metal stocks offset auto gains

Indian shares muted as losses in metal stocks offset auto gains

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bass pro rc boot Reuters

BENGALURU — Indian shares were subdued on Tuesday, with losses in metal and energy stocks countering gains in automobile and consumer goods, while investors remained on edge across Asian markets on rate hike and economic slowdown worries.

The NSE Nifty 50 index was up 0.05% at 16,309.75 as of 0459 GMT, while the S&P BSE Sensex rose 0.09% to 54,521.43. The benchmark indexes fell over 1% in the previous session.

Nifty’s metal and energy sub-indexes were down more than 1% each, while auto and fast-moving consumer goods rose between 0.9% and 0.7%.

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The Indian rupee was near record lows at 77.245 against the U.S. dollar.

“Global sentiment is negative because of geopolitical uncertainty, rise in rates, so it is like a storm which has come together but investors will have to weather it as market will remain extremely volatile for the next few days,” said Samrat Dasgupta, chief executive officer at Esquire Capital Investment Advisors.

Nifty’s volatility index, which indicates traders’ expectations about market instability over the next 30 days, rose as much as 2.2% to 22.515.

A Reuters poll found India’s retail inflation likely surged to an 18-month high in April, largely driven by rising fuel and food prices and staying well above the Reserve Bank of India’s upper tolerance limit for a fourth consecutive month.

The consumer price inflation data is due to be released at 1200 GMT on Thursday.

India’s benchmark indexes last week registered their worst week since November, hurt by a surprise interest-rate hike by the central bank, foreign fund outflows and mixed corporate results.

Asian equities fell to their lowest in nearly two years on Tuesday, as investors fretted about rising interest rates and lower economic growth. (Reporting by Rama Venkat in Bengaluru; Editing by Vinay Dwivedi)

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