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Indian shares dips as top lender SBI falls 3% after weak quarterly earnings

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BENGALURU (Reuters) – Indian shares were trading lower on Monday, weighed down by a fall in the country’s top lender State Bank of India by nearly 3% after weak quarterly earnings.

The NSE Nifty 50 index was down 0.12% at 17,376.90, as of 0353 GMT, and the S&P BSE Sensex fell 0.11% to 58,323.48. The benchmark indexes on Friday had logged their third straight weekly gain, advancing 1.4% each.

Shares of State Bank of India were down after the bank on Saturday missed estimates with a 6.7% fall in first-quarter net profit hit by investment losses.

The Indian rupee opened lower against the dollar on Monday, tracking broad decline in Asian peers. [IN/]

Equities in broader Asia were subdued on Monday following a solid U.S. payrolls data that pushed back against talk of recession but also bolstered the case for more super-sized rate hikes. [MKTS/GLOB]


(Reporting by Rama Venkat in Bengaluru;editing by Neha Arora)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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