Staff of Reuters Read for 2 minutes On February 1, 2020, a broker reacts while trading at his computer station at a stock brokerage firm in Mumbai, India. FILE PHOTO: REUTERS/Francis Mascarenhas (Reuters) – BENGALURU (Reuters) – On Wednesday, Indian stocks finished marginally down as heavyweight financials retreated, but they still managed to post their fourth consecutive monthly gain thanks to dropping COVID-19 cases and a jump in vaccines. The NSE Nifty 50 index dropped 0.17 percent to 15,721.50, while the S&P BSE Sensex declined 0.13 percent to 52,482.71. Despite the losses, the indexes gained around 1% apiece in June, thanks to a drop in coronavirus cases, less restrictions, and faster vaccinations, which prompted a rally that helped the indexes reach new highs. The Nifty Bank Index fell 0.68 percent in Mumbai trading on Wednesday after S&P Global Ratings warned the sector’s poor loans will likely remain elevated at 11 percent to 12 percent of gross loans in the next 12 to 18 months. ICICI Bank, a private-sector lender, fell 1.4 percent and was among the Nifty 50’s biggest percentage losses. The Nifty IT index outperformed the market, closing 0.6 percent higher. In the forthcoming June quarter reporting, analysts at ICICI Securities predict sequential revenue growth for IT businesses to approach pre-COVID levels, which will be launched off by giants Tata Consultancy Services and Infosys over the next few weeks. Reliance Industries Ltd gained 1.1 percent after signing an agreement with Abu Dhabi National Oil Co to construct a multibillion-dollar chemical complex in Ruwais. Shivani Singh contributed reporting from Bengaluru. Continue reading
