Indian stocks end lower as public sector banks and tech stocks fall

A man wearing a protective mask walks past the Bombay Stock Exchange (BSE) building in Mumbai, India, March 13, 2020. REUTERS/Francis Mascarenhas

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BENGALURU, July 14 (Reuters) – Indian stocks closed lower for a fourth consecutive session as public sector banks and information technology companies fell on Thursday, as investors worried about aggressive rises Federal Reserve interest rates after hot US inflation data.

The NSE Nifty 50 Index (.NSEI) and the S&P BSE Sensex (.BSESN) ended down 0.18% at 15,938.65 and 53,416.15, respectively.

U.S. consumer prices accelerated in June, driving the largest annual increase in inflation in 40½ years and solidifying the case for the Fed to hike interest rates by 75 basis points more later this month. Read more

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Strong domestic inflation data earlier this week also raised the prospect of further rate hikes by the Reserve Bank of India, backed by the rupee reaching record highs against the greenback for a fourth straight session.

With Indian and US CPI on the sidelines, markets will now take more stock-specific action as the domestic earnings season has begun, said Anand James, chief market strategist at Geojit Financial Services. .

Shares of Butterfly Gandhimathi Appliances (BUTT.NS) jumped 18% after its June-quarter net profit surged, while Hindustan Zinc (HZNC.NS) jumped 6% after the company approved its biggest dividend since October 2020.

The Nifty index of public sector banks fell 2.2%, while the IT index (.NIFTYIT) fell 1.6%. The pharmaceutical index (.NIPHARM) rose 0.8%, while the energy index (.NIFTYENR) rose 1%.

Sun Pharmaceuticals (SUN.NS) was the top gainer in the Nifty 50 index, rising 2.3%, while Hero Motocorp (HROM.NS) fell the most at 1.8%.

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Reporting by Nallur Sethuraman in Bangalore; Editing by Vinay Dwivedi

Our standards: The Thomson Reuters Trust Principles.

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