Financials, IT weigh on Indian shares; Adani stocks slip on report of US probe

MUMBAI: Financials and IT stocks dragged Indian shares down on Tuesday on worries of foreign outflows amid strong US Treasury yields and trade uncertainty, while Adani group shares slipped after a Wall Street Journal report on a US probe into Iranian LPG imports. The Nifty 50 dipped 0.70% to 24,542.5, while the BSE Sensex fell 0.78% to 80,737.51.

Twelve of 13 major sectors logged losses. Heavyweight financials and private banks lost 0.7% and 1.2% respectively, while IT index fell 0.7%. Foreign portfolio investors (FPIs), who have higher holdings in financials and IT, turned net sellers of Indian shares in the last two sessions after a five-day buying streak.

“Given the attractive, risk-free yields on US Treasuries, foreign investors see limited incentive in emerging markets such as India—especially with ongoing global trade uncertainties,” said Amit Jain, co-founder of Ashika Global Family Office.