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HDFC Bank, consumer stocks weigh on Indian shares; US inflation eyed

Wednesday,   15-May-2024   04:04 PM (IST)

Indian shares closed lower dragged by top private lender HDFC Bank and consumer stocks, while investors buckled up for a highly awaited U.S. inflation print. The blue-chip NSE Nifty 50 fell 0.08% to 22,200.55 points, while the Sensex settled 0.16% lower at 72,987.03. Seven of the 13 major sectors declined, with financial services shedding 0.32% and snapping a three-session winning streak. HDFC Bank, the heaviest Nifty 50 stock - lost 1.54% on the day. FPIs have sold Indian shares worth 252.80 billion rupees (about $3 billion) in just 10 sessions in May, the highest since January. Volatility in domestic equities rose on the day, hovering around 19-month high levels hit on Monday. State-run banks added 1.42%, logging their best session in over two weeks, led by 5.02% gains in lender Canara Bank after its inclusion in a key MSCI index. IT stocks, which earn a significant share of their revenue from the United States, were muted ahead of the U.S. consumer inflation print on Wednesday. Hotter-than-expected inflation could lead to a further delay in U.S. rate cuts, triggering further foreign outflows. Consumer stocks lost 0.91%, led by a 5.23% drop in Colgate-Palmolive India, despite reporting a rise in quarterly profit. The broader, more domestically-focussed small and mid-caps gained 0.58% and 0.96%, outperforming the benchmarks.