BENGALURU (Reuters) – Indian shares fell on Monday, slowed by heavy financial stocks, after data showed the country’s retail inflation jumped to a three-month high in February, while a new rise in COVID-19 cases also emphasizes emotion.
The NSE Nifty 50 blue index fell 0.77% to 14,914.50 and the BSE Sensex benchmark S&P fell 0.77% to 50,401.72 before 0352 GMT.
Government data on Friday showed that India’s annual retail inflation rose 5.03% in February on higher fuel prices, above the 4.83% forecast in a Reuters poll, although it remained sideways. -in the central range of the central bank.
India on Sunday also reported the biggest daily rise this year in COVID-19 cases. The country is the third worst affected country worldwide with 11.36 million cases, behind the United States and Brazil.
Shares of Yes Bank Ltd fell 1.9%. The Reserve Bank of India rejected the lender’s application to set up an asset reconstruction company for bad loans, Mint newspaper bit.ly/3tkAHLi reported.
The Nifty Bank Index, which rose 0.76% last week, showed 1.50%. HDFC Bank Ltd was the main drag on the Nifty 50, falling 1.3%.
Wider global markets traded higher, as investors pledged for a faster economic recovery after signing a $ 1.9 trillion U.S. incentive bill into law last week.
Reuters also reported Monday that India would propose a law banning cryptocurrencies, a senior government official said.
Reporting by Anuron Kumar Mitra in Bengaluru; Edited by Rashmi Aich