Indian shares slide as ITC, oil refiners fall; U.S.-China tensions back in focus

Indian shares were on course to fall for a third straight session on Wednesday, dragged down by losses in ITC and oil refining stocks and as U.S.-China tensions were back in focus in broader Asian markets.

The NSE Nifty 50 index .NSEI fell 0.63% to 9,148.25 by 0400 GMT, while the S&P BSE Sensex .BSESN was 0.68% lower at 31,248.64.

Shares in consumer goods conglomerate ITC (ITC.NS) and lender Axis Bank Ltd (AXBK.NS) fell 6% and 3.8%, respectively, as the Economic Times reported that India’s government was planning to sell its stakes in the two companies.

India late on Tuesday increased its taxes and duties on petrol and diesel, a move expected to raise costs for oil refining companies. Bharat Petroleum Corp Ltd (BPCL.NS) fell 8.3%.

Lucy Harlow

Lucy Harlow is a senior Correspondent who has been reporting about Equities, Commodities, Currencies, Bonds etc across the globe for last 10 years. She reports from New York and tracks daily movement of various indices across the Globe