Friday, July 1

Metal, technology stocks drag Indian shares lower

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BENGALURU — Indian shares fell on Monday dragged by technology and metal stocks, while global investor mood turned cautious ahead of key US economic growth data and central bank rate decisions in Europe and India this week.

The NSE Nifty 50 index was down 0.65% at 16,475.65, as of 0404 GMT, while the S&P BSE Sensex fell 0.68% to 55,384.47.

Both indexes saw volatile moves last week, but still clocked their third straight week of advances with gains of around 1.5% each.

This week, investors in India await the outcome of the Monetary Policy Committee meeting and the Reserve Bank of India was expected to follow up its unscheduled repo rate hike in May with another move at its policy meeting on June 8.

On Monday, stocks across the board lost ground – technology stocks slid nearly 2%, while metal stocks slipped 1.5% to its lowest since May 31.

Meanwhile, broader Asian markets steadied as US stock futures made cautious gains ahead of US inflation data later in the week, while the euro touched a seven-year top on the yen amid wagers of European Central Bank tightening. ($1 = 77.4300 Indian rupees) (Reporting by Chandini Monnappa in Bengaluru; Editing by Shailesh Kuber)

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