INSUBCONTINENT EXCLUSIVE:
Indian equity benchmarks edged lower on Tuesday, as financial stocks fell, and economists doubted whether the new loan guarantees announced
by the government as relief measures would boost growth.By 2:32 pm, the blue-chip NSE Nifty 50 index was down 0.30 per cent at 15,767.20 and
the benchmark S-P BSE Sensex fell 0.26 per cent to 52,597.28."All positive factors are already incorporated in the market, and there is no
big event or positives which can help a further rally..
We are seeing a bit of consolidation," said Gaurav Garg, head of research at CapitalVia Global Research in Mumbai.Industry leaders and
economists said on Monday government's new guarantees on bank loans to small businesses and tourism sectors, announced by the finance
minister, would not be sufficient to boost economic growth."The market has reacted negatively because most of the measures which were
a repetition of what they said in the budget," Garg said, adding that the impact of the measures at the ground level will take some time to
reflect.In Mumbai trading, the Nifty Bank index fell 0.80 per cent
Private-sector lenders ICICI Bank and HDFC Bank lost 1.3 per cent and 0.7 per cent, respectively.HDFC Life Insurance Co fell as much as 2.3
Media reports said the company's promoter Standard Life is selling a 3.46 per cent stake in the insurer at a discount to HDFC Life's Monday
closing price.The government's announcement to extend loan guarantees to the tourism sector, however, boosted airline stocks
InterGlobe Aviation and Spicejet gained 0.5 per cent and 2.3 per cent, respectively.In global markets, broader Asian shares edged lower on
concerns that new coronavirus outbreaks in the region could undercut an economic recovery.
