Indian stocks stagnate as Reliance offsets losses in financial stocks
BENGALURU, June 29 (Reuters) – Indian stocks were virtually unchanged on Tuesday as losses in financials were offset by gains at heavyweight Reliance Industries, which was set to end a five-day losing streak .
As of 03:56 GMT, the blue chip NSE Nifty 50 (.NSEI) was down 0.06% to 15,805.10 and the benchmark S&P BSE Sensex (.BSESN) was down 0.05% at 52,711.15.
Industry leaders and economists have kept sentiment in check that India’s new federal guarantees on bank loans to small businesses and tourism sectors, announced by the finance minister on Monday, would not be enough to boost the economy. economic growth. Read more
In global markets, wider Asian stocks edged down amid concerns over new coronavirus outbreaks in the region, with the largest MSCI Asia-Pacific equity index outside of Japan (.MIAPJ0000PUS) sliding 0 , 11%.
In Mumbai trading, the Nifty Bank (.NSEBANK) index fell 0.56%. HDFC Life Insurance Co (HDFL.NS) lost 1.44% and was among the biggest losers in the Nifty 50. According to media reports, the company’s promoter, Standard Life, sells a 3.46% stake in the insurer at a price lower than the HDFC Life Monday closing price. .
The conglomerate Reliance Industries (RELI.NS) supported the market by gaining 0.57%.
Report by Anuron Kumar Mitra in Bangalore; edited by Uttaresh.V
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