Indian shares slip as losses in Reliance outweigh Coal India gains

BENGALURU: Indian shares closed lower on Monday, as losses in heavyweight Reliance Industries over a delay in launching its low-cost smartphone, outweighed sharp gains in Coal India.

The blue-chip NSE Nifty 50 index closed 0.08% lower at 17,355.30, and the benchmark S&P BSE Sensex fell 0.22% to 58,177.76.

Investors are also awaiting August inflation data due later in the day, though analysts expect the reading to hold steady and stay within the central bank's comfort zone, a Reuters poll showed.

Reliance dragged the index lower, ending down 2.23% after it delayed the launch of an "ultra-affordable" smartphone, being developed by the company's telecom arm and Google, to November.

Private sector lenders ICICI Bank and HDFC Bank ended down 1.8% and 0.8% respectively, and were among the top five losers on the Nifty.

Indian shares end flat as gains in Nestle, Airtel offset financials' losses

However, losses were cushioned by sharp gains in the world's largest coal miner, Coal India, that ended up 4% after local media reported it might raise prices to mitigate the impact of rising costs and a wage revision.

IT stocks also lent support, with shares of Tata Consultancy Services closing 1.4% higher, among the top gainers on both the indexes, following the company's partnership with Dutch tech company NXP Semiconductors NV.

Among other stocks, beleaguered airline Jet Airways jumped 5% on news it would resume domestic operations by the first quarter of 2022. Telecom operator Bharti Airtel, which scaled a record high during the session, ended up 1.04%.

Nifty's metal index advanced for a third session, rising 1.29%.

Suryoday Small Finance Bank SURO.BO settled 20% higher after a report said lender Clix Capital Services was in merger talks with the bank.