Indian shares slip for third straight day

Tuesday, 9 July 2019

Indian shares fell for a third straight session on Tuesday as a proposed tax on the super-rich continued to rattle the markets.

The broader NSE index was down 0.72 per cent at 11,475.05 as of 0500 GMT, while the benchmark BSE index was trading 0.59 per cent lower at 38,483.71.

Foreign investors have net sold $451 million in Indian equities so far this month, reports Reuters.

Asian stocks struggled to rebound on Tuesday after solid gains in US jobs for June sharply reduced expectations that the Federal Reserve will deliver a large interest rate cut at the end of July.

Globally, investors’ focus also shifted to Fed Chairman Jerome Powell’s testimony before Congress later in the week for clues on monetary policy.

The Indian rupee weakened as much as 0.28 per cent to 68.845 per dollar compared to Monday’s close of 68.655.

The NSE IT index was trading down 0.55 per cent. Shares of IT services firm Tata Consultancy Services Ltd fell as much as 1.6 per cent.

The Mumbai-based firm is due to post first-quarter results later in the day.

Titan Company Ltd fell as much as 10.9 per cent to its lowest in eight weeks, after the watch and jewellery maker said revenue from its jewellery segment grew by a muted 13 per cent in the first quarter as consumer demand in June was hit by a sharp increase in gold prices.