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Indian shares open lower on mixed corporate results, global selloff

BENGALURU, July 20 (Reuters) - Indian shares opened lower on Tuesday as tepid corporate earnings, a slide in rupee and a global selloff sparked by rising pandemic concerns weighed on sentiment.

The blue-chip NSE Nifty 50 index and the benchmark S&P BSE Sensex opened 0.41% lower each at 15,688.35 and 52,337.56 respectively.

On Monday, the rupee plunged and both stock indexes fell more than 1% in their worst day in over two months.

Shares of Adani Group companies were down between 0.4% and 5% on news that India’s securities regulator and customs authorities were investigating some of the Group companies for non-compliance of rules.

India’s HDFC Bank was down 2% in early trade, set for a second session of losses, after missing expectations for quarterly profit. Investors are eyeing results from two Nifty-50 companies, Asian Paints and Bajaj Finance, later in the day.

IT services company HCL Technologies reported a 2.2% rise in consolidated quarterly revenues, which came in slightly below analysts’ expectations.

ACC Ltd rose 3.4% on the cement company’s over two-fold jump in consolidated net profit for the second quarter ended June 2021, helped by a lower base and increased sales.

Asian stocks were down early on Tuesday, as the fast-spreading Delta variant of the coronavirus raised fears that further lockdowns could upend global economic recovery.

Stocks on Wall Street fell as much as 2% on Monday, with the Dow posting its worst day in nine months as COVID-19 deaths increased in the United States. (Reporting by Vishwadha Chander in Bengaluru; Editing by Shailesh Kuber)

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