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Indian Shares End 3-Day Rally as IT, Financial Stocks Weigh

BENGALURU, Feb 3 (Reuters) - Indian shares fell more than 1% on Thursday, snapping three sessions of gains, as losses in financial and information technology stocks eclipsed gains in automakers.

The blue-chip NSE Nifty 50 index dropped 1.24% to 17,560.2 and the S&P BSE Sensex slid 1.29% to 58,788.02.

Both the indexes added 4% in the past three sessions, with a rally sparked by the country's high-spending federal budget accounting for most of those gains.

Sentiment was also weaker globally on Thursday after a disappointing forecast from Facebook owner Meta Platforms sent its stock 20% lower and sparked a 2% drop in Nasdaq futures.

In Mumbai, the Nifty IT index slid 2.1% after gaining nearly 7% over the last four sessions, with IT giant Infosys falling 2.7%.

The Nifty Financial Services index fell 1.4% as top mortgage lender Housing Development Finance Corp dropped 3.3% in its worst day since late November.

Mahindra And Mahindra Financial Services tumbled 5.3%, its biggest fall since mid-November, as analysts flagged concerns about its asset quality.

Tyre makers JK Tyre and Birla Tyres dropped 2.3% and 2.9%, respectively, after India's antitrust agency fined them for price cartelisation.

Jeweller and watch maker Titan Company rose as much as 1.7% after posting strong quarterly results, but pared some gains to settle only 0.4% higher.

The Nifty Auto index advanced 0.4%, led by strong gains in two-wheeler makers TVS Motor and Hero MotoCorp.

Defence equipment maker Bharat Dynamics surged 3.3% after signing a $419 million contract to supply anti-tank missiles to the Indian army.

Conglomerate ITC rose 1% ahead of its quarterly results.

Reporting by Chris Thomas in Bengaluru; Editing by Aditya Soni

Source: Reuters

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