Indian shares snap 7-day rally; Adani Group stocks fall

Indian stocks fell on Monday, snapping a seven-day winning streak amidst weakness in the Chinese and South Korean markets.

india trader
Reuters

Indian stocks fell on Monday, snapping a seven-day winning streak amidst weakness in the Chinese and South Korean markets.

Asian stocks retreated from record highs and the dollar advanced as investors turned their attention to U.S. tax reform ahead of a busy week.

MSCI's broadest index of Asia-Pacific shares outside Japan rose early in the session on Friday's Wall Street gains but was last down 0.65 percent.

Economic reports from the U.S., China, Japan and India this week will allow investors to assess progress for global growth.

At 0610 GMT, the S&P BSE Sensex shed 0.23 percent at 33,600 while the broader NSE Nifty edged down 0.31 percent to 10,357.

Overseas investors have invested $2.4 billion so far this month, which is the highest since March.

Among the top Sensex losers, Adani Ports fell 1.5 percent, Power Grid declined 1.1 percent, Hindustan Unilever lost 1 percent while Tata Steel was down 0.9 percent.

The S&P BSE Metal Index fell 0.7 percent and was among the top sectoral losers.

Sun Pharmaceuticals Industries dropped 1 percent after the company said it will recall Riomet drug due to microbial contamination.

Adani Group stocks fell after Labor party closed in on majority in Queensland. Adani Enterprises fell 3 percent while Adani Power was down 1.1 percent.

But Videocon Industries jumped 5 percent after the company said it seeks shareholders nod for raising Rs2,000 crore via shares.

Market breadth was in the favour of gainers, with about 2 stocks advancing to every 1 stock that declined.

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