Adani stocks weigh on Indian shares; CPI data eyed

BENGALURU, June 14 (Reuters) - Indian shares fell further from their opening levels on Monday as Adani Ports SEZ and financials stocks weighed, with investors awaiting consumer price inflation data (CPI) for May due later in the day.

The blue-chip NSE Nifty 50 index slipped 0.48% to 15,722.85 and the benchmark S&P BSE Sensex lost 0.38% to 52,282.87 by 0457 GMT.

“We are seeing a downtick in the market as news related to Adani group stocks weighed on the sentiment. There is also some profit-taking after the market has had a one-way run-up in the previous sessions,” said Ajit Mishra, vice president of research at Religare Broking.

The overall trend would still be positive as long as the Nifty 50 holds above the 15,400-level, he added.

Both the indexes posted their fourth straight weekly gain last week, on hopes that the economy would return to normalcy after several states eased COVID-19 pandemic restrictions.

In Mumbai trading, Adani Ports and Special Economic Zone Ltd , fell as much as 18.9% and was the top drag to the Nifty 50 index. The National Securities Depository Ltd has frozen the accounts of three foreign funds that have a total investment of 435 billion rupees in Adani group companies, the Economic Times reported here on Monday.

HDFC Ltd and HDFC Bank Ltd also weighed on the Nifty 50, losing 1.3% and 0.8%, respectively.

Meanwhile, the CPI data is also in focus, with a Reuters poll showing that the country’s retail inflation likely rose last month after a three-month low in April on higher food and energy prices.

Among global cues, eyes will also be on the U.S. Federal Reserve’s policy meeting this week. The central bank has assured that rising inflation will not last long enough to warrant a sooner-than-expected end to easy-money policies.

Reporting by Rama Venkat in Bengaluru; editing by Uttaresh.V