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Indian shares fall; ITC, Vedanta drag

Stock MarketsNov 15, 2017 11:30
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© Reuters. Indian shares fall; ITC, Vedanta drag

* Both NSE and BSE indexes down 0.2 pct

* Metal stocks falter

* Refiners gain on weak oil prices

By Krishna V Kurup

Nov 15 (Reuters) - Indian shares fell on Wednesday tracking weaker Asian markets, with consumer stocks such as ITC Ltd ITC.NS and metals shares such as Vedanta Ltd VDAN.NS weighing on the broader NSE index .NSEI .

Asian shares slipped on Wednesday after falling crude oil prices took a toll on Wall Street overnight. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was down 0.6 percent. MKTS/GLOB .N

Oil prices fell over 1 percent on Wednesday, after the International Energy Agency cast doubts over the past few months' narrative of tightening fuel markets. On the supply side, rising U.S. output also pressured prices. O/R

The NSE index .NSEI was 0.21 percent lower at 10,164.85 as of 0535 GMT, while the benchmark BSE index .BSESN declined 0.2 percent to 32,884.99.

"Increasing oil prices and cut in the GST (a new nationwide sales tax) is raising doubts as to how it will impact the fiscal deficit of the country," said Vinod Nair, Head of Research at Geojit Financial Services.

The Nifty FMCG index NIFTYFMCG fell 1.1 percent. ITC ITC.NS was the biggest drag on the NSE index, declining 1.7 percent.

The Nifty Metal index .NIFTYMET slipped 1.9 percent, tracking lower global commodity prices. stocks Vedanta VDAN.NS and Hindalco Industries Ltd HALC.NS fell 2.1 and 2.5 percent, respectively.

Sun Pharmaceutical Industries Ltd SUN.NS dropped 2.3 percent after the drugmaker's September-quarter profit plunged 59 percent, hurt by rising competition in the generics market and greater pricing scrutiny in the United States. refiners such as Hindustan Petroleum Ltd HPCL.NS and aviation shares, including IndiGo Airlines' parent InterGlobe Aviation Ltd INGL.NS , jumped on plunging crude oil prices. Petroleum rose 2.6 percent, while InterGlobe Aviation gained 3.3 percent.

Indian shares fall; ITC, Vedanta drag
 

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