Indian shares edged lower in line with early weakness in Asian peers, due to losses in financials and healthcare stocks, but gains in oil marketers and an upbeat sentiment over a strong set of inflation data helped cap losses.
Indian shares fell nearly 1.5% to a seven-month low, joining a sell-off in global equities amid concerns about a slowdown in the world economy. The broader Nifty and the benchmark Sensex fell 1.4% each, with losses seen across the board.
The broader NSE Nifty was up 0.8 percent at 11,460.80 as of 0712 GMT, while the benchmark BSE Sensex was 0.6 percent higher at 37,943.16.
Indian shares fell, after touching record highs for four straight sessions, dragged down by financial stocks such as State Bank of India and ICICI Bank Ltd.
Indian shares fell after the recent record-setting spree, dragged by financials such as Housing Development Finance Corp Ltd and Axis Bank Ltd, as investors focussed on the central bank’s bi-monthly policy meeting that will end on Wednesday.
"This is important, because it suggests that the Indian market is morphing towards a more stable and less volatile structure," said the Investment Strategy note.
The latest results are critical for investors, marking the first quarter since the rollout of a national goods and services tax (GST) on July 1.