{"id":24628,"date":"2021-07-28T06:39:15","date_gmt":"2021-07-28T10:39:15","guid":{"rendered":"https:\/\/financialpost.com?p=2574675&preview=true&preview_id=2574675"},"modified":"2021-07-28T06:39:15","modified_gmt":"2021-07-28T10:39:15","slug":"indian-shares-end-down-as-pharma-stocks-fall-fed-meeting-in-focus","status":"publish","type":"post","link":"https:\/\/blog.andrewwbradley.ca\/index.php\/2021\/07\/28\/indian-shares-end-down-as-pharma-stocks-fall-fed-meeting-in-focus\/","title":{"rendered":"Indian shares end down as pharma stocks fall, Fed meeting in focus"},"content":{"rendered":"
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BENGALURU \u2014 Indian shares closed down on Wednesday as pharma stocks slipped for the second straight session, while investors waited for the outcome of a U.S. Federal Reserve meeting.<\/p>\n

The blue-chip NSE Nifty 50 index ended down 0.24% at 15,709.40 and the benchmark S&P BSE Sensex was 0.22% lower at 52,462.42.<\/p>\n

\u201cThe markets slipped below the crucial 15,600 level but was swift to recover, an indication that the market is still range-bound,\u201d Manish Hathiramani, proprietary index trader and technical analyst at Deen Dayal Investments, said in a note.<\/p>\n<\/p><\/div>\n

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Shares of India\u2019s Bharti Airtel gained as much as 5.9% after the telecom services provider said it was scrapping its entry-level prepaid recharge of 49 rupees ($0.6587).<\/p>\n

Private sector lender IndusInd Bank rose as much as 3.5% after it reported on Tuesday June-quarter net profit more than doubled to 9.75 bln rupees and provisions slid 18%.<\/p>\n

The bank index, however, ended 0.76% lower, dragged by shares of Canara Bank, Karnataka Bank and Central Bank of India following their quarterly results this week.<\/p>\n

Shares of Maruti Suzuki ended down about 1.04%. The country\u2019s top carmaker reported a profit for the first quarter just minutes before the markets closed.<\/p>\n

Phillips Carbon and Welspun India were the other top gainers.<\/p>\n<\/p><\/div>\n

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Shares of Tata Coffee tumbled as much as 8.1% \u2014 their biggest percentage loss since Dec. 21 \u2013 after the coffee and tea producer posted a 20.3% fall in quarterly profit.<\/p>\n

Pharma stocks were 0.42% lower, weighed down by a 2.3% fall in Dr Reddy\u2019s Lab. The stock fell as much as 11.7% on Tuesday. Global equities regained some poise on Wednesday as a storm in Chinese stocks showed signs of easing, while the dollar made modest gains as investors awaited a Federal Reserve meeting and any fresh insight into its views on inflation and economic growth. (Reporting by Vishwadha Chander in Bengaluru; Editing by Subhranshu Sahu and Sriraj Kalluvila)<\/p>\n<\/p><\/div>\n

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