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Indian shares slide as Hindalco weighs on metal stocks

Indian shares fell in early morning trading on Thursday, in contrast to their Asian peers, as Hindalco Industries led a slide in metal stocks after its U.S. system reported a lower quarterly revenue.

The NSE Nifty 50 fell 1.18% to 24,196.65 points as of 10:29 a.m. IST, while the BSE Sensex shed 1.16% to 79,445.7.

Hindalco moved 7% after its U.S. unit, Novelis, reported a lower profit. It was the greatest decliner on the Cool and dragged metals stocks down around 1.5%.

Helping curb the losses was Apollo Hospitals's. 6.4% jump, the most on the Nifty, after it beat second-quarter. profit estimates on strong health care services demand.

Nevertheless, the wider, more domestically focused small-cap. index and mid-caps fell about 0.4%. each, outshining the benchmark indexes, driven by gains in. BSE and Kalyan Jewellers following their. inclusion in a crucial MSCI index.

The losses in the Indian benchmarks remained in contrast to. their Asian peers, which tracked the surge in Wall Street. indexes to tape-record highs overnight as markets celebrated, in. part, the clarity of U.S. election result after Donald Trump's. win.

The Nifty and Sensex had leapt 1.1% on Wednesday, their. most significant single-day gain in more than six weeks, after Trump's. triumph.

Trump's stated policies such as decreasing corporate tax rates. will assist Indian information technology companies, while a focus. on the China +1 technique will benefit a number of domestic sectors,. according to experts.

With the U.S. election done, the focus will move to the. Federal Reserve's rate decision and commentary, due after the. Indian markets close.

The Fed is anticipated to cut rates by 25 basis points, which,. in general, makes emerging markets such as India more attractive. to foreign financiers.

However, foreigners have actually pulled money from Indian stocks for. the last 27 sessions, redirecting funds to China after recent. stimulus measures-- a circumstance that could be threatened by. Trump, who began a trade war with Beijing during his first. term as U.S. president.

(source: Reuters)