India Stocks: HDFC Twins drag Indian shares lower amid weak global cues

Housing Development Finance

05/05/2023 04:52

(Adds opening levels)
       BENGALURU, May 5 (Reuters) - 
    Indian shares opened lower on Friday, dragged by
high-weightage financials and on weak global cues, after the
European Central Bank hiked rates and concerns over the U.S.
banking sector resurfaced with the collapse of PacWest Bancorp.
  
        The Nifty 50  .NSEI  was down 0.54% at 18,156.55 as of
9:17 a.m. IST, while the S&P BSE Sensex  .BSESN  lost 0.61%.
  
        Eight of the 13 major sectoral indexes declined, with
high weightage financials  .NIFTYFIN  losing 1.5%. The sharp
slide in financials was led by Housing Development Finance
Corporation Ltd  HDFC.NS  which fell over 5%. HDFC and HDFC Bank
Ltd  HDFB.NS  were among the top Nifty 50 losers.
  
        The fall in HDFC twins comes after an update on MSCI
implementation for HDFC twins post-merger.
  

($1 = 81.6540 Indian rupees)

 (Reporting by Bharath Rajeswaran in Bengaluru; Editing by
Nivedita Bhattacharjee and Varun H K)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))