Sunday, April 2

Indian shares weighed down by financials, IT after three-day run

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BENGALURU — Indian shares slipped on Thursday after three straight sessions of gains, as a rally in financial and IT stocks paused, while tire makers slid after the competition regulator fined them for price cartelisation.

The blue-chip NSE Nifty 50 index was down 0.17% at 17,749.55, as of 0357 GMT, while the S&P BSE Sensex slipped 0.22% to 59,426.47. The indexes had climbed about 4% each over the last three sessions after a recent sell-off .

Tire makers Apollo Tyres, CEAT, MRF and JK Tyre dropped between 1.9%-4% after India’s antitrust agency slapped fines on the companies for price cartelisation.

Tata Consumer Products jumped 3.6% after posting a rise in quarterly profit, limiting some losses on the blue-chip Nifty 50.

Conglomerate ITC and jeweler and watch maker Titan Company were muted ahead of quarterly results. (Reporting by Chris Thomas in Bengaluru; Editing by Subhranshu Sahu)