HomeStock MarketSensex, Nifty inch lower as weak U.S. GDP data, Reliance results weigh

Sensex, Nifty inch lower as weak U.S. GDP data, Reliance results weigh

Sensex Nifty inch lower as weak U.S. GDP data Reliance results weigh

By Administrator_India

Capital Sands

Indian shares edged lower in a volatile session on Friday, after disappointing U.S. economic data dragged markets across broader Asia, while a drop in Reliance Industries’ June-quarter revenue also weighed on the sentiment.

The NSE Nifty 50 index fell 0.16% to 11,085.45 and the S&P BSE Sensex dropped 0.1% to 37,696.72 by 0355 GMT, dragged by banking and financial stocks.

The U.S. economy suffered its biggest blow since the Great Depression in the second quarter as the COVID-19 pandemic shattered consumer and business spending, sending the dollar to two-year lows on Friday and putting it on track for the worst monthly decline in 10 years.

MSCI’s broadest index of Asian shares outside Japan was last down 0.22% by late morning.

Shares of India’s most valuable company Reliance Industries fell 1.5% in early trade, after the company’s revenue from operations fell almost 44% as the coronavirus crisis slammed its refining and petrochemicals businesses.

The country’s coronavirus cases surged by over 55,000 in the past 24 hours to 1.64 million, government data showed. A Reuters poll published on Wednesday said the outlook for Asia’s third-largest economy has worsened as business activity slows due to soaring COVID-19 infections.

Banks and financial stocks led declines in the equities market. The Nifty banking index fell about 1% and the financials index dropped 1.3%.

Large shadow lender HDFC declined 2.4% and topped the Nifty laggards among stocks, while software services firm HCL Technologies was the top gainer, rising 2.3%.

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