BENGALURU, Nov 23 (Reuters) - Indian shares fell for a fifth
session on Tuesday and hit their lowest in nearly two months,
weighed down by tech and finance stocks, while Fed chief Jerome
Powell's re-nomination reinforced expectations the United States
would taper its stimulus soon.
By 0512 GMT, the blue-chip NSE Nifty 50 index
slipped 0.2% to 17,382.25 and the benchmark S&P BSE Sensex
fell 0.36% to 58,256.93, after shedding about 2% on
Asian peers also slipped, tracking a retreat on Wall Street
overnight after President Joe Biden picked Powell to lead the
central bank for a second term, as traders prepared for the
imminent end to the large-scale coronavirus-led emergency Fed
In Mumbai, the Nifty IT Index fell 2.17%, dragged
by a 2.1% drop in Infosys Ltd.
Most other sub-indexes were in positive territory after
opening lower, with the Nifty Metal index rising as
much as 3.05% to lead the gains.
"The markets are recovering from lows of 17,200, and this
recovery is happening in quality stocks like metals and
defence," said AK Prabhakar, head of research at IDBI Capital.
China's benchmark iron ore futures surged 10% in early
trade, as steelmakers were set to resume production after
rigorous controls over the past few months.
Shares of Vedanta Ltd were set for their best day
in more than a month after a report https://www.business-standard.com/article/companies/promoters-looking-to-up-stake-in-vedanta-ltd-by-upto-4-57-121112201337_1.html
that its promoters were looking to buy up to 170 mln shares of
the mining company.
Other metal stocks such as Steel Authority of India Ltd
and JSW Steel rose 3.60% and 4.01%,
Digital payments start-up Paytm rose as much as
6.97% after two sessions of sharp falls.
Latent View Analytics opened at a 160% premium to
its offer price, giving the data analytics firm a market
valuation of $1.36 billion.
(Reporting by Vishwadha Chander in Bengaluru; editing by
Uttaresh.V and Subhranshu Sahu)