($1 = 81.8790 Indian rupees) (Reporting by Bharath Rajeswaran in Bengaluru; Editing by Varun H K and Janane Venkatraman)
(Adds opening levels)
BENGALURU, April 26 (Reuters) - Indian shares opened
lower on Wednesday, as rising recession fears in the United
States offset cautious optimism in domestic markets in a busy
earnings week.
The Nifty 50 was down 0.18% to 17,738 as of 9:38
a.m. IST, while the S&P BSE Sensex lost 0.13%.
Nine of the 13 major sectoral indexes declined with high
weightage financials shedding 0.2%. Metal index fell nearly 1% on concerns over global demand and
was the top sectoral loser.
Wall Street equities closed sharply lower overnight on soft
economic data and disappointing earnings.
U.S. Consumer confidence fell to a nine-month low in April,
a survey showed, intensifying concerns of a potential recession
in the near future. Asian markets remained subdued. Among individual stocks, automotive components supplier
Mahindra CIE Automotive Ltd jumped over 9% after
reporting a 73% year-on-year rise in net profit in the March
quarter.
Stove Kraft Ltd climbed nearly 4% after Emerging
Business Fund bought a 0.91% stake in the kitchen appliances
maker on April 25 through bulk deals.
On the flip side, cigarettes maker VST Industries Ltd lost 4% on reporting a more than 21% fall in net
profit in the fourth quarter.
Maruti Suzuki India Ltd , Bajaj Finance Ltd , SBI Life Insurance Company Ltd , HDFC Life
Insurance Company Ltd , L&T Technology Services Ltd are among the companies reporting their quarterly
earnings on Wednesday.
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