Indian Shares Decline Amid Weak Realty and Financial Stocks

7 Nov 2023 , 04:00 PM

Indian shares declined on Tuesday, with nine of the 13 major sectors falling. High weightage financials lost 0.5%, after rising 2.05% in the last three sessions. At the time of writing Sensex was trading at Rs 64,942 which is a 0.03% dip from the previous day’s close. Whereas Nifty was trading at Rs 19,406 which is a 0.03% dip from the previous close.

Realty stocks lost nearly 1%, with Sobha sliding 4% after posting a fall in September-quarter profit. Small- and mid-cap stocks outperformed the blue-chip index, climbing 0.2% each. Asian markets also declined, with the MSCI Asia ex-Japan index losing 1.2% on mixed trade data from China.

Foreign outflows are likely to continue until the expectations of a rate cut get priced in the U.S. Varun Beverages added 3% after target price upgrades by CLSA and Jefferies, citing strong performance in packaged beverages.

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