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Indian Shares End Lower as Losses in Metals, Reliance Weigh

BENGALURU (Reuters) -Indian shares ended lower on Tuesday, as losses in metal stocks and heavyweight Reliance Industries outweighed gains in automobile and realty companies.

The blue chip NSE Nifty 50 index closed down 0.23% at 17,888.95, while the benchmark S&P BSE Sensex fell 0.18% to end at 60,029.06.

However, small- and mid-cap indexes fared much better, with the Nifty Smallcap 250 Index and the Nifty MidSmallcap 400 Index gaining 1.2% and 0.99%, respectively.

The Nifty and Sensex had shed 3.3% each over the final three sessions last week on concerns of overvaluations and heavy foreign selling, before recouping some of those losses on Monday with gains of more than 1%.

In Mumbai, the Nifty Metal Index lost 1.58%, tracking broader metal markets. Benchmark iron ore futures in China dived to their daily trading limit due to loose supply conditions and poor demand outlook. [TOP/MTL]

Conglomerate Reliance also weighed on equities, falling 1.5% to post its seventh session of losses in the last 10.

The Nifty Auto Index, which gained 0.88%, limited the fall. Shares of Tata Motors rose as much as 5% after the carmaker projected pre-tax earnings margin and free cash flow at its Jaguar Land Rover unit to turn positive in the second half of fiscal 2022.

The Nifty Realty Index rose 3.38%, extending gains for a third session.

Among other stocks, agrochemical holding company PI Industries shed 7.2% after its deal with active pharmaceutical ingredient maker IND Swift Laboratories fell through.

Consumer goods company Bajaj Consumer Care was down 6% after posting a fall in quarterly profit and revenue.

Joining a long list of Indian startups that have tapped the capital market this year, logistics firm Delhivery Ltd filed for an initial public offering of up to 74.6 billion rupees.

Reporting by Anuron Kumar Mitra in Bengaluru; Editing by Ramakrishnan M. and Shinjini Ganguli

Source: Reuters


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