October 26, 2018 / 6:46 AM / 23 days ago

Indian shares hit fresh 7-month low on weak global sentiment

* BSE, NSE indexes set for wkly drop

* IT, financial stocks top drags

By Chris Thomas

Oct 26 (Reuters) - Indian shares extended falls on Friday to hit a fresh seven-month low, in line with broader Asia as investors fled for safety amid lingering fears about global trade and economic growth.

The broader NSE index came close to test the key psychological level of 10,000 points, shedding as much as 1.2 percent to its lowest since March 26. The benchmark BSE index declined 1.1 percent to its lowest since April 5.

Asian shares fell to a 20-month low despite a bounce on Wall Street overnight, highlighting fragile investor confidence.

A host of factors including a depreciating rupee, a tick-up in oil prices overnight, and weak cues from global markets are weighing on the market, said Siddhartha Khemka, head of retail research at Motilal Oswal Securities.

As the derivatives contracts expired on Thursday, there was a spike in rollovers, especially on the short side, which is an added concern, said Khemka.

Both the BSE and the NSE indexes were down 2.2 percent for the week, in what could be their second straight weekly drop.

IT giants Infosys Ltd and Tata Consultancy Services Ltd (TCS) were the top drags on Friday.

Infosys dropped 2.1 percent to its lowest since July 6, while TCS slipped 2.5 percent to a four-month low.

Private-sector lender Yes Bank Ltd was the top percentage loser, plunging as much as 15 percent to a four-week low after its quarterly profit missed estimates.

Axis Bank dropped 3.2 percent, while HCL Technologies Ltd fell 3.4 percent.

JSW Steel fell to a two-month low after brokerages cut target prices, citing concerns over debt and margins.

Conglomerate Reliance Industries rose as much as 1.9 percent, making it the top boost. (Reporting by Chris Thomas in Bengaluru; Editing by Subhranshu Sahu)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below