You are here: Home » Reuters » News
Business Standard

Sensex slips; financials top drag


By Paul

(Reuters) - Indian shares slipped on Thursday, hurt by financials, while doubts whether the could prove its majority in the southern state of Karnataka weighed on investor sentiment.

State BJP B S Yeddyurappa was sworn in as on Thursday morning even though his party fell short of an outright majority. He has now 15 days to prove his majority in the

The state election had a temporary effect on the markets, but macro-economic factors such as the rise in and inflation will have a bigger say in the medium term, said analysts.

India's accelerated for the first time in four months in April, suggesting the central may turn hawkish at its policy meeting next month.

"There are also concerns over foreign institutional investments," said Deepak Jasani, at

Foreign investors, who have been net buyers of Indian equities worth $766.24 million this year as of May 16, sold shares worth a net 6.99 billion rupees on Wednesday.

The broader Nifty index was down 0.31 percent at 10,707.35 as of 0707 GMT, while the benchmark BSE Sensex was 0.34 percent lower at 35,267.44.

MSCI's broadest index of shares outside was down 0.22 percent.

fell as much as 1.7 percent, while declined 1 percent.

fell as much 7.6 percent after the company reported weak quarterly revenue from financing.

fell as much as 3.1 percent after the company posted a quarterly profit on Wednesday on the back of a one-off pensions gain.

Among the gainers, rose as much as 4.1 percent after a unit in Telangana did not receive any 483 observations following an inspection by the

(Reporting by Paul in Bengaluru; Editing by Subhranshu Sahu)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, May 17 2018. 12:48 IST