BENGALURU, Sept 13 (Reuters) - Indian shares fell on Monday,
dragged by heavyweight Reliance Industries after the
conglomerate delayed the launch of a low-cost smartphone it is
developing with Google, with investors awaiting key inflation
data due later in the day.
The blue-chip NSE Nifty 50 index was down 0.38% at
17,302.25 by 0450 GMT, while the benchmark S&P BSE Sensex
slipped 0.43% to 58,055.41.
Indian equities have remained muted over the last few
sessions and posted a weekly gain of roughly 0.3% in the
previous week. The main indexes had hit multiple record highs
earlier in September.
"In the absence of major events after the inflation data, we
may continue to see some correction or a subdued move in the
local market this week... this is not unhealthy given the moves
in August and early-September," said Ajit Mishra, vice president
of research at Religare Broking.
Billionaire Mukesh Ambani-owned Reliance Industries
drove losses on the benchmark, falling over 2% after
its "ultra-affordable" smartphone developed jointly by
Reliance's telecom arm and Google was delayed to
The launch was highly anticipated given that it could
combine with the company's other offerings, and the delay has
"certainly impacted sentiment", Mishra added.
Energy stocks fell 1% to lead losses among
Private-sector lenders ICICI Bank and HDFC Life
Insurance Co were among the top losers on the Nifty 50
Suryoday Small Finance Bank jumped as much as 7.8%
after a report said lender Clix Capital Services was in merger
talks with the bank.
However, Nifty's IT and metal
sub-indexes inched higher, adding 0.57% and 0.34% respectively.
Budget airline SpiceJet rose 0.4% after saying it
has settled with another lessor of Boeing Co's MAX aircraft.
Investors now eye retail inflation data, with a Reuters poll
of analysts projecting that the reading held steady in August
and stayed within the central bank's comfort zone.
(Reporting by Soumyajit Saha in Bengaluru; editing by