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Markets

Indian shares reverse course to close lower; RIL, banks drag

BENGALURU: Indian shares reversed course to end lower on Tuesday, dragged by heavyweight Reliance Industries Ltd and ban

July 30, 2019

BENGALURU: Indian shares reversed course to end lower on Tuesday, dragged by heavyweight Reliance Industries Ltd and banking stocks, as weak earnings continued to dampen investor sentiment.

The broader NSE index ended 0.93% down at 11,085.40, its lowest close since March 8, while the benchmark BSE index closed 0.77% lower at 37,397.24.

The volatility index had jumped 4.21% at the day's close.

Reliance Industries, one of India's most valuable companies, dragged markets the most as the stock was 2.4% down at closing bell.

The Nifty Auto index, which was higher initially, ended 2.14% lower, its lowest level in over five years. Reuters reported on Monday the country's largest lender State Bank of India proposed to tighten lending terms to auto dealers.

SBI's shares were also 4.7% lower at the time of close, which along with most other bank stocks dragged the Nifty Bank index that ended 1.72% lower.

Cafe chain operator Coffee Day Enterprises ended 20% down after its founder went missing, while reports alleged he wrote a letter saying he was under pressure from lenders.

Among gainers, Tata Consultancy Services' shares were up 2.2%, while Bharti Airtel ended about 4% higher.

Copyright Reuters, 2019