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INDIA STOCKS-Indian shares edge lower as Polish blast raise concerns

Reuters · 11/15/2022 23:10
INDIA STOCKS-Indian shares edge lower as Polish blast raise concerns

Updates shares

- Indian shares opened slightly lower on Wednesday, a day after the Sensex closed at a fresh high, as global markets retreated after blasts in Poland that local authorities said were caused by Russian-made missiles.

The NSE Nifty 50 index .NSEI fell 0.17% to 18,372.40 as of 0346 GMT. The S&P BSE Sensex .BSESN, which closed at a record high in the previous session, shed 0.22% to 61,735.17.

The decline was less than the 0.87% drop in MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS caused by the potential for a further ratcheting up of geopolitical tensions. MKTS/GLOB

NATO member Poland said a Russian-made rocket killed two people in eastern Poland Ukraine. Moscow denied it was responsible and U.S. President Joe Biden said early information suggested the blast may have been caused by a missile fired from Russia.

Among the biggest drags were Nifty's fast-moving consumer goods .NIFTYFMCG and energy .NIFTYENR indexes, which slipped at least 0.3% each.

Nestle India NEST.NS, Hindalco HALC.NS, Asian Paints ASPN.NS, Britannia Industries BRIT.NS and Tata Consumer TACN.NS fell the most among the Nifty 50 constituents, losing between 1.1% and 0.71%.

RBL Bank RATB.NS gained 1.7%. CEO R. Subramaniakumar told Reuters it is looking to ramp up its retail exposure to protect its books from being over-exposed to large corporates.

Paytm-parent One 97 Communications PAYT.NS fell 2.9% to a five-month low as a one-year lock-in on its shares expired

Separately, India would exceed budget estimates for direct tax collection by 25%-30% in fiscal 2023, an income tax official from India's finance ministry said.

Foreign institutional investors sold 2.21 billion Indian rupees ($27.3 million) worth of equities on Tuesday, while domestic investors offloaded a 5.49 billion rupees of shares, provisional data on the National Stock Exchange showed.

($1 = 81.1000 Indian rupees)

(Reporting by Praveen Paramasivam in Bengaluru; Editing by Dhanya Ann Thoppil and Savio D'Souza)

((Praveen.Paramasivam@thomsonreuters.com; https://twitter.com/PraveenR_P ; +91 867-525-3569;))