Indian shares inch lower as banks, Reliance slip

  • Reuters
  • Stock Market News
Indian shares inch lower as banks, Reliance slip

BENGALURU, Dec 2 (Reuters) - Indian shares pulled back on Wednesday from record closing highs hit in the previous session, with banking stocks slipping ahead of a top court hearing on loans under moratorium.

The NSE Nifty 50 index .NSEI fell 0.1% to 13,095.55 by 0349 GMT, while the benchmark S&P BSE Sensex .BSESN was down 0.18% at 44,576.51.

Both indexes had gained more than 1% on Tuesday, after a sharp rally in November on hopes for a coronavirus vaccine.

The Nifty Banking Index .NSEBANK slipped 0.4%, with top private-sector lender HDFC Bank Ltd HDBK.NS down 0.8%.

The Supreme Court is set to hear a case on waiving interest on loans under moratorium on Wednesday, with banks hoping that the apex court will not offer any more reprieve to borrowers.

India's most valuable company, Reliance Industries Ltd RELI.NS , fell 0.8%, while a rise of nearly 4% in Tata Motors Ltd TAMO.NS after reporting higher November sales helped limit losses in the Nifty 50.

Fast food restaurant chain Burger King's India arm opened its 8.1 billion rupees ($110.34 million) initial public offering for subscription on Wednesday.

($1 = 73.4120 Indian rupees)

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