Sensex, Nifty Extend Recent Declines As Metal Stocks Drag
(RTTNews) - Indian shares fell for a sixth consecutive session on Friday, with mixed global cues and a rebound in oil prices keeping investors nervous.
Oil prices extended gains for a second day, as expectations for lower Russian production offset signs of rising U.S. inventories.
Moscow plans to cut exports by up to 25 percent from its western ports in March in a bid to boost prices, Reuters reported.
Russia had already announced plans to cut its oil production by 500,000 barrels per day (bpd) in the month, amounting to 5 percent of its output or 0.5 percent of global production.
Signs of fresh foreign fund outflows and lingering concerns about the ongoing sell-off in Adani Group stocks also dented investor sentiment, heading into the weekend. The benchmark S&P/BSE Sensex ended the session down 141.87 points, or 0.24 percent, at 59,463.93, giving up early gains.
The broader NSE Nifty index fell 45.45 points, or 0.26 percent, to 17,465.80, dragged down by metal stocks.
Adani Enterprises extended recent losses to close 5.1 percent lower while metal stocks such as Tata Steel, JSW Steel and Hindalco gave up 2-5 percent. Global cues were mixed as investors awaited the release of the U.S. personal consumption expenditures index, which is a key price gauge for the Fed, later in the day to assess the prospect for further interest-rate hikes from the U.S. central bank.
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