Indian shares off to muted start, dragged down by IndusInd Bank, NTPC
Updates at 9:25 a.m. IST
Oct 25 (Reuters) -Indian shares were off to a muted start onFriday after a four-day slide on lacklustre earnings and persistent foreign outflows, dragged downby a drop in private lender IndusInd Bank and power company NTPC on disappointingquarterly results.
The NSE Nifty 50 .NSEI was 0.08% lower at 24,379.45 points as of 9:25 a.m. IST, while S&P BSE Sensex .BSESN inched down 0.05% to 80,020.48.
The Nifty 50 and the BSE Sensex .BSESN have dropped about 2% and 1.5%, respectively, so far this week and are on course for their fourth straight week of declines - longest such losing streak since August 2023.
Both the benchmarks are down about 7% from record highs hit on Sept. 27 and are ontrack for their worst monthly performance since March 2020.
Analysts attributed the drop to dull earningsand persistent foreign selling over the last 19 sessions, as investors redirected funds to China from India on Beijing's stimulus measures and relatively cheaper valuations.
Shares of Nifty 50 constituent IndusInd Bank INBK.NS fell 10% afterthe lender reported a surprise drop in its September-quarter profit due to stress in microfinance loans, which led to higher provisions, lower asset quality and narrow lending margins.
NTPC NTPC.NS lost 2.3% after it posting a profit dropin the secondquarter on lower power generation.
Nine of the 13 major sectors logged losses at the open. The broader, more domestically focussed small- .NIFSMCP100 and mid-caps .NIFMDCP100 shed 0.5% each.
Meanwhile, other Asian markets opened higher, tracking Wall Street's positive overnight closeas strong earnings allayed worries over U.S. presidential elections. MKTS/GLOB
Reporting by Bharath Rajeswaran in Bengaluru; Editing by Subhranshu Sahu and Sumana Nandy
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