BENGALURU, Oct 17 (Reuters) – Indian stocks fell in early trading on Monday, led by metals stocks and in line with their Asian counterparts amid growing concerns that aggressive rate hikes by the world’s central banks world will slow down and weigh on corporate profits.
The NSE Nifty 50 Index (.NSEI) was down 0.15% at 17,159.30 at 0352 GMT, and the S&P BSE Sensex (.BSESN) fell 0.19% to 57,808.78. Both indexes were 1% higher in the previous session, posting weekly losses.
Nifty’s metals (.NIFTYMET) and real estate (.NIFTYREAL) sub-indices were among the biggest losers, falling more than 1% each.
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JSW Steel Ltd (JSTL.NS) and Tata Steel Ltd (TISC.NS) were the worst performers on the Nifty 50, down 1.7% and 1.2%, respectively.
Among other stocks, Shree Cement Ltd (SHCM.NS) fell 5% after posting a 67.2% plunge in second-quarter profits as fuel costs rose. Read more
Cement maker ACC Ltd (ACC.NS) was down 1.5% ahead of its quarterly results later in the day.
Meanwhile, India’s central bank’s monetary policy committee may rely more on the data to decide on the key interest rate going forward, though policymakers appeared divided on the future path of rate hikes. , the minutes of its September meeting suggested on Friday. Read more
In Greater Asia, stocks fell on Monday after another beating for Wall Street as investors braced for another drastic tightening in global financial conditions. ($1 = 82.4000 Indian rupees)
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Reporting by Rama Venkat in Bengaluru; Editing by Savio D’Souza
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