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Indian Stocks Fall as Banks, Financials Drag

BENGALURU (Reuters) - Indian shares fell on Wednesday as banks and financial stocks weakened, while investors focused on fashion e-commerce startup Nykaa’s market debut and digital payments firm Paytm’s IPO close later in the day.

The blue chip NSE Nifty 50 index fell 0.59% to 17,937.80 and the benchmark S&P BSE Sensex fell 0.64% to 60,048.97 by 0354 GMT.

The Nifty Bank Index fell 0.87%, while the Nifty Financial Services Index lost 0.89%.

Mortgage lender HDFC Ltd and ICICI Bank were among the top percentage losers on the Nifty 50.

Later on Wednesday, investors are expecting a strong market debut from FSN E-Commerce Ventures, which owns TPG-backed Nykaa, whose offering last week was oversubscribed nearly 82 times and drew bids worth $32.55 billion.

Fintech firm Paytm’s initial public offering, expected to be India’s biggest, closes its subscription later in the day. The IPO was subscribed 48% on the second day of the issue period.

Broader Asian markets fell as surges in oil and Chinese factory prices added to worries of a hot U.S. inflation reading. [MKTS/GLOB]

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

Source: Reuters

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