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Global woes, tepid quarterly earnings dent Indian shares

Reuters 

By Arnab Paul

(Reuters) - Indian shares fell on Monday, in line with broader Asian markets, as global growth worries, including the U.S.-Sino tariff war, and lacklustre domestic earnings muted sentiment.

While the U.S. declared he had no plans to meet his Chinese counterpart before the March 1 deadline to achieve a trade deal, sentiment was further dented by fears of another government shutdown after talks on border security funding collapsed between Democratic and Republican lawmakers.

Meanwhile, Asian shares started the week on the backfoot as investors were unable to shake off worries about global growth, U.S. politics and the Sino-U.S. trade dispute, keeping the safe-haven dollar bid near a six-week top against major currencies.

MSCI's broadest index of shares outside was down 0.51 percent.

dropped as much as 2.8 percent after posting a 77 percent plunge in quarterly profit, pulled down by higher expenses.

Refiners and shed as much as 1.4 percent each.

Auto stocks were also trading in the red after and Ltd extended declines to dive over 3 percent each after reporting disappointing quarterly results last week.

"The auto sector is creating serious problems for the markets, we have seen some dismal numbers and forecast and it could create a cascading effect," said Krish Subramanyam, co-head, equity advisory, at

"Even though the markets, in general, are rising, the advance decline ratio is pretty much in the negative so I see Nifty between 10,700-11,000 with a negative bias in the immediate short term."

The broader NSE Nifty was down 0.48 percent at 10,890.10, as of 0604 GMT, while the benchmark slipped 0.32 percent to 36,426.85.

Dr. Reddy's Laboratories Ltd was the biggest loser on the NSE index after falling as much as 5.6 percent. The generic drugmaker's Hyderabad-based plant was issued a Form 483 with 11 observations by the after market hours on Friday.

The FDA Form 483 notifies the company's management of objectionable conditions.

Bucking the trend, IT stocks were among the handful of gainers on the Nifty, with and Ltd gaining up to 0.8 percent each.

(Reporting By in Bengaluru, Editing by Sherry Jacob-Phillips)

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

First Published: Mon, February 11 2019. 13:27 IST
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