IT, metals weigh on Indian shares; small, mid-caps tumble

JM Financial

06/03/2024 07:30

** India's blue-chip Nifty 50  .NSEI  and BSE Sensex
 .BSESN  down 0.51% and 0.41%, respectively
    ** Broader, domestically focussed small-caps  .NIFSMCP100 
and mid-caps  .NIFMDCP100  lose 1.98% and 3.22%, respectively,
on persistent concerns about excessive fund inflows
    ** Ten of the major 13 sectors decline; IT stocks  .NIFTYIT 
down 1.44% after having lost 2.35% in last two sessions on
rising concerns about near-term earnings outlook
    ** Metals  .NIFTYMET  and energy stocks  .NIFTYENR  shed ~2%
each on lack of major stimulus from China, a key market for
commodities
    ** Highest weighted financials  .NIFTYFIN  capped index
losses with 0.6% gain; JP Morgan sees scope for Indian banks to
manage return on assets (RoA), adds "there are no structural
challenge to deposit growth" 
    ** JM Financial  JMSH.NS  sinks 19% a day after RBI barred
its unit from lending against shares, debentures
    ** IIFL Finance  IIFL.NS  drops 20% for second straight
session, top pct loser on small-caps 100, after RBI banned the
NBFC from disbursing gold loans

    

 (Reporting by Kashish Tandon in Bengaluru)
 ((kashish.tandon@thomsonreuters.com))