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Reliance props up India shares in global sell-off – Reuters


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Reliance props up India shares in global sell-off – Reuters

BENGALURU, Sept 9 (Reuters) – Indian shares tracked a global stock markets selloff to close lower on Wednesday, although news of a $1 billion investment in Mukesh Ambani-led Reliance Industries helped it outperform most Asian markets.The suspension of AstraZeneca’s COVID-19 vaccine trials also helped drive broad selling across Asia and sent shares in the UK…

Reliance props up India shares in global sell-off – Reuters

BENGALURU, Sept 9 (Reuters) – Indian shares tracked a global stock markets selloff to close lower on Wednesday, although news of a $1 billion investment in Mukesh Ambani-led Reliance Industries helped it outperform most Asian markets.

The suspension of AstraZeneca’s COVID-19 vaccine trials also helped drive broad selling across Asia and sent shares in the UK drugmaker’s Indian-listed arm down 4%.

A 2.6% gain in Reliance, however, kept losses in check and the blue-chip NSE Nifty 50 index closed just 0.35% lower at 11,278.00. The benchmark S&P BSE Sensex ended 0.45% lower at 38,193.92, compared with losses of more than 1% elsewhere in the broader region.

Reliance, which has drawn in billions in investment in recent months as it uses its scale and financial muscle to take advantage of rivals’ coronavirus-driven difficulties, announced a $1 billion investment from private equity firm Silver Lake for its retail business on Wednesday.

The conglomerate’s gain helped the Nifty energy index close 0.19% higher.

India’s Serum Institute, one of the world’s biggest contract drugmakers and which is conducting Indian trials of AstraZeneca’s vaccine, said its local testing was continuing without any issues.

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The Nifty’s pharma index ended up 1.9%.

Rusmik Oza, head of fundamental research at Kotak Securities, was still upbeat about the overall market.

“A mild correction in the market is good … economic indicators at home have been mostly negative,” he added.

The Nifty bank index closed down 2.1%. India’s top court is set to continue hearing a case on waiving interest rates on loans under a moratorium tomorrow. (Reporting by Anuron Kumar Mitra in Bengaluru; editing by Patrick Graham)

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