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Indian Shares Flat, Vodafone Idea News Awaited

BENGALURU, Sept 7 (Reuters) - Indian shares were subdued on Monday, as broader Asian markets were on the defensive after a continued Wall Street selloff in technology stocks, while investors awaited an announcement from debt-laden Vodafone Idea Ltd later in the day.

The blue-chip NSE Nifty 50 index was down 0.04% at 11,330.35, while the benchmark S&P BSE Sensex fell 0.02% to 38,333.02 as of 0358 GMT.

Japan’s Nikkei fell 0.3% and China’s blue-chip index slipped 0.2% on concerns of high valuations after Wall Street closed lower on Friday as a selloff continued in technology stocks.

In Mumbai, Vodafone Idea rose as much as 10%. The company has scheduled a media announcement at 0630 GMT later in the day.

On Friday, the carrier said it would raise up to 250 billion rupees ($3.41 billion) in fresh funds as it tries to pay off hefty dues it owes to the government.

The Nifty auto index was up 0.57%. India’s commerce minister said on Friday the country is open to raising duties on auto imports to boost local production.

(Reporting by Anuron Kumar Mitra in Bengaluru; Editing by Shounak Dasgupta)

 

Source: Reuters

 


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