Wednesday, November 30

Indian shares fall as autos drag; US inflation data eyed

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BENGALURU — Indian shares edged lower on Thursday, dragged by auto and metal companies, as investors brace for crucial US inflation data that will provide clues about the severity of Federal Reserve’s future interest rate hikes.

The NSE Nifty 50 index dropped 0.5% to 18,319.30 as of 0349 GMT, while the S&P BSE Sensex fell 0.52% to 60,715.98.

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US consumer price index (CPI) data for October is due at 1330 GMT, with economists polled by Reuters forecasting a decline in both monthly and yearly core numbers to 0.5% and 6.5%, respectively.

The Nifty auto index fell 1.5%, led by 5% drop in Tata Motors after the automaker reported a quarterly loss on Wednesday.

The metals index was down 0.5%.

Shares of Axis Bank fell 2% after Indian government proposed to sell a 1.55% stake in the private lender. (Reporting by Nallur Sethuraman in Bengaluru; Editing by Dhanya Ann Thoppil and Eileen Soreng)

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