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Nifty, Sensex echo weakness in Asia; investors await state polls' verdict

Reuters 

By Mehta

(Reuters) - Indian shares fell on Tuesday tracking weaker sentiment across Asia, as domestic investors remained cautious ahead of election results for some states next week.

The result of elections in the states of and Mizoram, among others, are expected to set the tone for the national elections scheduled in May 2019.

Asian shares fell as a relief rally petered out amid rising doubts over whether and the will be able to resolve trade differences. An inverted U.S. yield curve also raised concerns about a possible recession.

"Our markets are underperforming, awaiting (state) election results next week. Other parameters like crude price and trade war concerns have turned positive," said Neeraj Dewan, director,

The Reserve Bank of (RBI) policy cannot be hawkish in the inflation scenario and crude scenario, he added, referring to the monetary policy meeting on Wednesday. A poll of 70 economists predicted the RBI would hold its repo rate at 6.50 percent.

The broader NSE Nifty was down 0.30 percent at 10,850.90 as of 0534 GMT, while the benchmark BSE Sensex was 0.42 percent lower at 36,088.50.

Market heavyweights and were among the top percentage losers on the index, with shares falling 1.5 percent and 3 percent each, respectively.

Financial stocks dropped, with the down 0.6 percent.

Still, a weaker rupee boosted IT and pharma stocks. Shares of rose over 2.5 percent.

Sun Pharmaceutical Industries Ltd's stock recovered marginally after its management issued clarification on various brokerage and

(Reporting by in Bengaluru; Editing by Rashmi Aich)

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

First Published: Tue, December 04 2018. 11:48 IST
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