Indian shares end lower as private-sector banks slide
- The NSE Nifty 50 index closed 0.59% lower at 15,118.95, while the S&P BSE Sensex ended 0.73% lower at 51,324.69.
- The rally in state-run banks continued, with the Nifty PSU banks index hitting a more than one-year high and closing 5.6% higher.
BENGALURU: Indian shares ended lower for a second successive session on Thursday as investors took profits from recent winners including HDFC and ICICI banks, while state-run lenders extended their red-hot rally.
Domestic stock benchmarks have gained nearly 11% this month thanks to strong corporate earnings, a well-received federal budget and healthy foreign fund inflows, prompting investors to lock in gains from some high-flying stocks.
The NSE Nifty 50 index closed 0.59% lower at 15,118.95, while the S&P BSE Sensex ended 0.73% lower at 51,324.69.
Private-sector lenders HDFC Bank, HDFC and ICICI Bank were the three biggest drags on the Nifty 50, falling nearly 2% each. Each of the three stocks has gained a market-beating 14% or more this month through Wednesday's close.
The rally in state-run banks continued, with the Nifty PSU banks index hitting a more than one-year high and closing 5.6% higher.
The index has gained 16.6% over the last five sessions. Reuters reported earlier this week that India had shortlisted four state-run lenders for possible privatisation.
Energy stocks climbed 2.54% and were among the top sectoral gainers. Oil and gas producer ONGC and gas utility GAIL jumped more than 7% each.
India on Wednesday unveiled plans to spend some $103 billion on oil and gas infrastructure and committed to bring natural gas under the goods and services tax.
Globally, European shares made modest gains while many Asian markets were hit by profit-taking after a recent run-up.
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