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Indian shares muted as IT, financials weigh

Tuesday,   02-Apr-2024   04:29 PM (IST)

Indian shares were muted on Tuesday after hitting record highs in the previous session, as losses in information technology and financial stocks offset gains in metals stocks. The blue-chip NSE Nifty 50 index slipped 0.04% to 22,453.30 at the close, while the BSE Sensex shed 0.15% to 73,903.91. The benchmarks had hit record highs on Monday, led by metals stocks on strong industrial data from top consumer China. U.S. rate-sensitive IT stocks fell 0.71%, after strong manufacturing data added to worries of a delay in rate cuts in the world's largest economy. Financial services, the highest-weighted sub-index on the Nifty, shed 0.22% following three sessions of gains. The rise was triggered by factors including the central bank easing norms on investments into alternative investment funds. In contrast, metals extended gains, adding 1.5% after climbing 3.7% on Monday on the back of strong industrial data from top consumer China. The more domestically-focussed small and mid-caps rose about 1.20% each. Mid-cap index stock Aditya Birla Fashion and Retail gained 10.56% on a plan to demerge Madura Fashion & Lifestyle into a separate listed entity. Among Nifty 50 stocks, two-wheeler maker Bajaj Auto gained 2.59% after reporting a jump in total vehicle sales in March. Hero MotoCorp shed 2.56% after posting drop in total sales in March.