Indian stocks drop a third day in a row amid profit taking
10:41, 18 November 2021
Indian shares dropped for a third straight session to finish lower on Thursday as market players booked profits ahead of Friday’s market holiday.
The National Stock Exchange’s Nifty50 index ended 0.75% lower at 17,764.80 points, while the S&P BSE Sensex closed 0.62% lower at 59,636.01 points.
- The Nifty Auto index, a basket of 15 stocks including components manufacturer Bosch, dropped 2.61%.
- The Nifty Metal index, comprised of 15 stocks including commodities major Vedanta, slid 2.59%.
- The Nifty Media index, a basket of 10 stocks including Network18 Media & Investments, fell 2.06%.
The Indian rupee was trading 0.059% lower to the US dollar, at INR74.30, at 14:00 local time (UTC +5:30).
On the Nifty50
Shares of the nation’s largest public sector lender State Bank of India (SBI), fuel retailer Indian Oil Corporation (IOCL) and the country’s biggest private sector lender HDFC Bank were the top gainers, adding 1.04%, 0.58% and 0.50% respectively.
But stock in JLR-parent Tata Motors, rival automaker Mahindra & Mahindra (M&M) and software exporter Tech Mahindra were the top losers, shedding 3.81%, 3.50% and 3.31% respectively.
On the Sensex
SBI, the Power Grid Corporation of India (PGCIL) and HDFC Bank were the biggest gainers, adding 1.16%, 0.63% and 0.53% respectively.
M&M, Tech Mahindra and rival software developer HCL Technologies were the biggest losers, shedding 3.28%, 3.19% and 2.88% respectively.
Indian brokerage firm LKP Securities has raised its 12-month price target for Ashok Leyland’s stock by 8% to INR164 ($2.13).
LKP analysts attributed the revision to a pickup in domestic demand against a backdrop of recovering economic activity. The brokerage maintained its buy recommendation for shares of the firm, the sub-continent’s second largest manufacturer of commercial vehicles.
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