BENGALURU, Oct 22 (Reuters) - Indian shares reversed early
gains to end lower for a fourth straight session on Friday,
dragged mostly by metal stocks, while investors geared up for
earnings reports from oil-to-telecom giant Reliance Industries
and other corporates.
The blue-chip NSE Nifty 50 index closed down 0.35%
at 18,114.9, while the benchmark S&P BSE Sensex fell
0.17% to 60,821.62.
The two indexes also posted their first weekly loss in
three, as equities continued to trade near record-high
valuations and worries over the impact of rising commodity
inflation on margins persisted.
Selling would likely continue near record levels and the
indexes would struggle to rise "till institutional buying has
returned," said Gaurav Garg, head of research at CapitalVia
Domestic institutional investors sold a net $511 million
worth in Indian capital markets in the last three sessions,
according to Refinitiv data, while foreign institutional
investors sold about $19.6 million worth of Indian equities in
the same time.
Metals were the worst-performing sector on
Friday, with aluminium products maker Hindalco Industries
falling 4.7% to be the biggest loser on the Nifty 50.
A drop in benchmark metal prices hurt stocks, while
uncertainty surrounding the impact of regulatory intervention in
China also weighed on sentiment, said Anita Gandhi, director at
Arihant Capital Markets.
Tech stocks fell more than 1% to their lowest in
over a week, with Mphasis Ltd shedding over 4%.
Consumer goods stocks fell more than 1%, with
ITC Ltd leading losses in the sector.
Banks and real estate stocks
advanced 0.7% and 2.6%, respectively. The two sectors benefited
from an encouraging COVID-19 vaccination program, said Ajit
Mishra, vice president of research at Religare Broking.
(Reporting by Soumyajit Saha in Bengaluru, additional reporting
by Gaurav S. Dogra; Editing by Ramakrishnan M.)