Indian shares lower as top lender SBI falls 3%

Author of the article: BENGALURU — Indian shares were trading lower on Monday, weighed down by a fall in the country’s top lender State Bank of India by nearly 3% after weak quarterly earnings. The NSE Nifty 50 index was down 0.12% at 17,376.90, as of 0353 GMT, and the S&P BSE Sensex fell 0.11%…
Indian shares lower as top lender SBI falls 3%

Author of the article:

BENGALURU — Indian shares were trading lower on Monday, weighed down by a fall in the country’s top lender State Bank of India by nearly 3% after weak quarterly earnings.

The NSE Nifty 50 index was down 0.12% at 17,376.90, as of 0353 GMT, and the S&P BSE Sensex fell 0.11% to 58,323.48. The benchmark indexes on Friday had logged their third straight weekly gain, advancing 1.4% each.

Shares of State Bank of India were down after the bank on Saturday missed estimates with a 6.7% fall in first-quarter net profit hit by investment losses.

The Indian rupee opened lower against the dollar on Monday, tracking broad decline in Asian peers.

Equities in broader Asia were subdued on Monday following a solid U.S. payrolls data that pushed back against talk of recession but also bolstered the case for more super-sized rate hikes.

(Reporting by Rama Venkat in Bengaluru;editing by Neha Arora)

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