Sensex, Nifty Fall As Sell-off In Banks Continues
Indian shares fell on Friday as investors continued to lock in gains on bank shares following a sharp rally, while evaluating retail inflation information that was higher than the central bank’s target.
- Last Updated: November 13, 2020, 9: 42 IST
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BENGALURU: Indian shares fell on Friday as investors continued to secure gains on bank shares following a sharp rally, while evaluating retail inflation data that was higher than the main bank’s target.
The NSE Nifty 50 index was down 0.5% at 12,6254 by 0351 GMT and the benchmark S&P BSE Sensex fell 0.52% to 43,11338 The two main indexes, nevertheless, were on track to post gains for the week.
The Cool banking index, which posted gains of over 20% in an eight-day winning streak up until Wednesday, was down 1.3% in early Friday trading.
Private-sector loan providers IndusInd Bank, ICICI Bank and Axis Bank tipped over 1.3% each.
On the other hand, India’s retail inflation was over 7% in October for a 2nd straight month and stayed above the Reserve Bank of India’s (RBI) target of 2% -6%, giving the central bank little space to cut rates.
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