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Bloomberg
India stocks declined as concerns over fresh US-China tensions over investment flows outweighed the festival season tailwind.
The S&P BSE Sensex fell 0.4 percent to 3,8667.33 at the 3:30 pm close in Mumbai. The NSE Nifty 50 Index dropped 0.3 percent.
Global risks ranging from trade friction to the recent oil shock have the potential to mitigate positive local developments in the Indian market, including surprise corporate tax cuts earlier this month and the start of the festival season, which has traditionally been associated with a surge in consumer demand.
“Avoid companies that are more globally exposed,†said Prakash Pandey, managing director and chief executive officer at Plutus Advisors & Consulting. “For now it’s not a good idea to be too negative on domestically oriented stocks.â€
Ten of 19 sector sub-indexes compiled by BSE Ltd declined. Eighteen out of 31 companies on the Sensex fell. Yes Bank was the worst performer, falling 15 percent, while HDFC contributed most to the decline with a 2.9 percent drop. Bharti Airtel Ltd was the best performer, advancing 5.3 percent.