Indian shares slip on weak Asia cues; midcaps tumble

Viyash Scientific

11/08/2021 06:58

By Rama  Venkat
    BENGALURU, Aug 11 (Reuters) - Indian shares slipped on
Wednesday, tracking weakness in Asian peers on worries over a
resurgence in COVID-19 cases, while small and midcap stocks
tumbled after a bourse placed price limits to curb volatility.
    By 0505 GMT, the blue-chip NSE Nifty 50 index  .NSEI  fell
0.41% to 16,213.90 and the benchmark S&P BSE Sensex  .BSESN  was
down 0.38% to 54,349.15. 
    The S&P BSE Smallcap Index  .SPBSSIP  lost 2.73% and the BSE
Midcap Index fell  .SPBSMIP  1.72%, extending losses to a third
session, after the BSE said https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20210809-41
 it would place additional price limits on securities from Aug.
23 to curb excessive price movement. 
    "The BSE circular led to some profit-taking in small and
midcap stocks, and elevated valuations are leading to
consolidation in the market," said Anita Gandhi, a whole-time
director at Arihant Capital Markets.
    The benchmark indexes hit record highs on Tuesday, adding to
last week's 3% gains that came on the back of strong corporate
earnings and the central bank's decision to keep rates
unchanged.
    However, weakness in Asian shares on worries about the
economic impact of a rapidly spreading Delta coronavirus variant
dampened sentiment. India's tally of COVID-19 cases has crossed
32 million.  MKTS/GLOB   urn:newsml:reuters.com:*:nFWN2PH1NH
    In Mumbai trading, Bajaj Auto Ltd  BAJA.NS  and Shree Cement
Ltd  SHCM.NS  were among the top drags on the Nifty, both
falling more than 2%. 
    The Nifty Metal index  .NIFTYMET , however, provided a boost
by adding 0.92%. It ended 2.76% lower on Tuesday. 
    Tata Steel  TISC.NS  and JSW Steel  JSTL.NS  were among the
top gainers, rising 1.3% and 1.9%, respectively.
    Shares of Zomato Ltd  ZOMT.NS  jumped more than 5% as
investors looked past a quarterly loss and focused on strong
revenue growth in the food delivery firm's first earnings as a
publicly listed company.  urn:newsml:reuters.com:*:nL4N2PH3A4
    Carlyle-backed animal healthcare firm SeQuent Scientific
 SEQU.NS  slumped 20% after reporting a sharp drop fall in
June-quarter profit.
    
($1 = 74.4200 Indian rupees)

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India, U.S. seeing fund inflows after China crackdown - Mark
Mobius     urn:newsml:reuters.com:*:nL4N2PI0OU
Mirae Asset Global Investments bullish on China equities after
recent correction -CIO     urn:newsml:reuters.com:*:nL4N2PH1GU
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 (Reporting by Rama Venkat in Bengaluru; Editing by Ramakrishnan
M.)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))