Indian stocks are down to the metal, banking gains offset auto losses

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People stand in front of the Bombay Stock Exchange (BSE), after Sensex broke above the 60,000 level for the first time, in Mumbai, India September 24, 2021. REUTERS/Francis Mascarenhas/File Photo

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BENGALURU, June 1 (Reuters) – Indian stocks were flat on Wednesday as gains in metal and banking stocks were offset by losses in auto certificates, as data showed the country’s economic growth slowed to a low. in a year during the first three months. of 2022.

After making minor gains in the opening minutes of the session, the NSE Nifty 50 Index (.NSEI) fell 0.01% to 16,581.95 at 0441 GMT. The S&P BSE Sensex (.BSESN) fell 0.03% to 55,552.31.

On Tuesday, the two indexes recorded three consecutive sessions of gains as the rally in tech stocks came to a halt and bank stocks fell.

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“We are entering a consolidation phase, investors might not be very eager to push decisions or put money on the table ahead of Indian central bank’s monetary policy decision next week,” Anand said. James, chief market strategist at Geojit Financial Services.

A four-day rally in auto stocks petered out on Wednesday with the Nifty auto sub-index (.NIFTYAUTO) down 0.8% ahead of May sales data from the nation’s automakers.

Shares of Bajaj Auto (BAJA.NS) fell 3.1% and were the biggest percentage losers in the Nifty 50 index.

IT stocks (.NIFTYIT) extended their losses and fell almost 1%.

Limiting losses, metals stocks (.NIFTYMET) rose 0.8% while Asian Paints (ASPN.NS) rose 2.8% to a one-week high and was the best percentage gainer on the Nifty 50.

Financial stocks also provided support, with the Nifty Financial Index (.NIFTYFIN), Banking Index (.NSEBANK) and PSU Banking Index (.NIFTYPSU), which tracks state-owned banks, all up 0, 3% each.

After market hours on Tuesday, government data showed India’s gross domestic product rose 4.1% year-on-year in January-March, below growth of 5.4% in October- December and 8.4% in July-September. Read more

Meanwhile, Asian equities stabilized, although investors were jittery after euro zone inflation hit a record high and stoked concerns about rising rates globally.

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Reporting by Chandini Monnappa in Bangalore; Editing by Shailesh Kuber

Our standards: The Thomson Reuters Trust Principles.

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