BENGALURU, Nov 18 (Reuters) - Indian shares were set to end
the holiday-shortened week nearly 2% lower on Thursday, as
losses in automobile and information technology stocks weighed
on markets, while digital payments company Paytm plunged in a
tepid market debut.
By 0525 GMT, the blue-chip NSE Nifty 50 index had
fallen 0.77% to 17,761.30, while the benchmark S&P BSE Sensex
had lost 0.65% to 59,615.45.
Both the indexes have struggled this week, hurt a
combination of rising inflation worries globally, valuation
concerns, and an end to the domestic September-quarter earnings
"Because of the extraordinary monetary accommodation
provided by global central banks... the valuations of many
businesses (have become astronomical)," said Ajay Bodke, an
independent market analyst.
Broader global stock markets also slipped as rising
inflation worries clouded the outlook for interest rates and
In Mumbai trading, Paytm's shares tanked as much
as 26.2% in their stock market debut, whose initial public
offering of 183 billion rupees is India's biggest.
The Nifty Auto Index fell 2.12% and was on
track to snap two straight sessions of gains. Tata Motors
lost 4.2% to be the top percentage loser on the Nifty
The Nifty IT index was down 1.66% and was set to
break a four-day winning streak. HCL Technologies fell
Sapphire Foods India, a domestic franchisee of KFC
and Pizza Hut operator Yum Brands, gained 4.1% in its
Shares of oil-to-metals conglomerate Vedanta fell
5.6%. The company on Wednesday said it had constituted a board
committee to evaluate strategic measures.
(Reporting by Anuron Kumar Mitra in Bengaluru; editing by