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SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Indian shares extend falls on IT drag; metals, Paytm rise

11/23/2021 | 01:01am EST

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 Monday.

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 bond-buying programme.

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%, respectively.

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)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
INFOSYS LIMITED -1.90% 1884.15 Delayed Quote.1.75%
JSW STEEL LIMITED -2.74% 680 End-of-day quote.3.67%
LATENT VIEW ANALYTICS LIMITED -2.13% 561.75 Delayed Quote.2.12%
ONE97 COMMUNICATIONS LIMITED -4.32% 996.5 Delayed Quote.-21.95%
S&P 500 -1.84% 4577.11 Delayed Quote.-2.17%
STEEL AUTHORITY OF INDIA LIMITED -1.95% 105.35 End-of-day quote.-1.68%
VEDANTA LIMITED 0.37% 323.8 Delayed Quote.-5.50%
2021Indian shares extend falls on IT drag; metals, Paytm rise
2021Latent View Analytics Limited has completed an IPO in the amount of INR 6 billion.
2021Latent View Analytics Limited has filed an IPO in the amount of INR 6 billion.
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Sales 2021 3 059 M 41,0 M 41,0 M
Net income 2021 915 M 12,3 M 12,3 M
Net cash 2021 2 416 M 32,4 M 32,4 M
P/E ratio 2021 -
Yield 2021 -
Capitalization 113 B 1 521 M 1 520 M
EV / Sales 2020 -
EV / Sales 2021 -
Nbr of Employees 624
Free-Float -
Duration : Period :
Latent View Analytics Limited Technical Analysis Chart | LATENTVIEW | INE0I7C01011 | MarketScreener
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Rajan Sethuraman Chief Executive Officer
Rajan Bala Venkatesan Chief Financial Officer
Viswanathan Adugudi Chairman
V. R. Kesavan Secretary & Compliance Officer
Dipali Hemant Sheth Independent Non-Executive Director
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