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Indian Shares Fall, Inflation Print Remains above RBI Target

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BENGALURU, Dec 15 Reuters Indian shares fell on Tuesday after data showed the countrys retail inflation print for November was above the upper limit of the central banks recommended 26 target.

Investors sentiment was also dampened by losses in broader Asian markets as increasing COVID19 deaths and restrictions overshadowed vaccinerelated enthusiasm.

By 0355 GMT, the bluechip NSE Nifty 50 index fell 0.26 to 13,522.55 and the benchmark SP BSE Sensex slid 0.29 to 46,120.44.

Both the indexes scaled alltime highs in 16 of the past 24 sessions, boosted by record inflows from foreign institutional investors and progress on COVID19 vaccines globally.

Government data on Monday showed Novembers annual retail inflation eased to 6.93 after holding above 7 for two straight months. However, the elevated print leaves little scope for the Reserve Bank of India to cut rates.

ICICI Bank and conglomerate Reliance Industries fell 0.8 and 0.6, respectively, and were among the top drags to the Nifty 50.

Kotak Mahindra Bank was among the top boosts to the Nifty 50, rising 0.3, after the bank on Monday said the central bank had approved the reappointment of Uday Kotak as managing director and chief executive officer.

Reporting by Anuron Kumar Mitra in Bengaluru; editing by Uttaresh.V

Source Reuters

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