Sensex, Nifty edge lower as RBI report weighs on banks

Indian shares inched lower on Tuesday, dragged down by banking stocks after the Reserve Bank of India (RBI) said domestic lenders might see bad loans double, while investors awaited retail inflation data due later in the day.

The blue-chip NSE Nifty 50 index fell 0.2% to 14,462 and the benchmark S&P BSE Sensex was down 0.17% to 49,184.21 by 9:16 am.

The gross non-performing assets of Indian banks may increase from 7.5% in September 2020 to 14.8% under a severe stress scenario, a report from the Financial Stability and Development Council said on Monday.

The Nifty bank index was down 0.74%, while the public sector bank index fell 0.94%.

Shares of Gail (India) Ltd rose 4.4% after the company said it would consider a proposal to buy back shares.

Source: www.indiatoday.in

 

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