July 26, 2019 / 5:15 AM / 2 months ago

Indian shares on track for seventh session of decline

* NSE, BSE indexes fall 0.2% each

* Vedanta slips ahead of qtrly results

* Tata Motors reverses course, trades up 2.2%

By Chris Thomas

July 26 (Reuters) - Indian shares edged lower for a seventh straight session on Friday, with losses in energy and mining shares outweighing gains in large cap finance stocks.

The broader NSE index was down 0.23% at 11,226.1 as of 0432 GMT, while the benchmark BSE index was 0.24% lower at 37740.73.

The indexes are also headed for their third consecutive week in the red. On Friday, seven shares on the NSE index hit a 52-week low.

“Foreign investors have continued to be net sellers in our markets, and barring a few, (corporate) results so far have not been very encouraging,” said Anita Gandhi, Whole-time Director at Arihant Capital Markets.

“11,100 and 11,150 are supposed to be strong levels for our markets... but what is lacking is investor confidence.”

Selling in broader Asian markets and a weaker Indian rupee also weighed on the market.

The Indian rupee weakened to a one-month low of 69.14 against the dollar before recouping some losses, after oil prices edged up overnight due to rising tensions between the West and Iran and a big decline in U.S. crude stockpiles.

Broader Asian stock markets were under pressure following mixed U.S. earnings reports and after the European Central Bank unexpectedly held interest rates steady.

Higher overnight crude prices weighed on oil marketing firm Indian Oil Corp Ltd, which was the top percentage loser on the NSE index, falling as much as 3.3% to a mid-May low.

Miner Vedanta Ltd, due to report results later in the day, was down as much as 3.4%.

Reliance Industries Ltd, the biggest Indian company by market value, fell as much as 1.2% to its lowest since March 5, and was headed for its fourth straight session of losses.

Meanwhile, Tata Motors Ltd reversed course from a 4.3% drop to trade as much as 2.2% higher in the early hours on Friday. The company’s quarterly losses nearly doubled, but a media report saying the Indian government was looking at ways to tackle the auto slowdown stemmed some share losses.

State-backed lender Bank of Baroda Ltd climbed 4.2% in its sharpest intraday gain in over three weeks after its quarterly profit jumped 34%.

Biopharmaceutical firm Biocon Ltd advanced 5.5% on the back of an over 70% surge in quarterly profit. (Reporting by Chris Thomas in Bengaluru; editing by Uttaresh.V)

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