BUZZ-IT, metals drag India's equity benchmarks lower on renewed global trade worries

Reuters
06-02
BUZZ-IT, metals drag India's equity benchmarks lower on renewed global trade worries

** India's benchmark indexes Nifty 50 .NSEI and Sensex .BSESN fall around 0.3% each, pressured by losses in information technology and metal stocks

** The Nifty Metal .NIFTYMET and IT indexes .NIFTYIT slide 1% each after U.S. President Donald Trump threatens to double tariffs on imported steel and aluminium from June 4

** Seven of 13 sectors decline; index heavyweights HDFC Bank HDBK.NS and Reliance RELI.NS lose 1% each

** Analysts say optimism around India's economic recovery after faster-than-expected growth in the March quarter and the anticipated rate cut on Friday offset by global risks and rich valuations, keeping markets subdued

** In contrast to the benchmarks, the broader, small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 gain 1% and 0.3%, helped by post-results rally in key constituents

** Among individual stocks, Apollo Hospitals APLH.NS gains 2% on upbeat March quarter results

** AstraZeneca Pharma ASTR.NS surges 11.2% after a sharp profit jump, while Mphasis MBFL.NS falls 2.8% on report of a key client loss to Accenture ACC.N

(Reporting by Bharath Rajeswaran in Bengaluru)

((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))

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