Indian shares inch lower as Reliance drags; inflation in focus

FILE PHOTO: A man wearing a protective mask walks past the Bombay Stock Exchange (BSE) building in Mumbai, India, March 13, 2020. REUTERS/Francis Mascarenhas

BENGALURU (Reuters) – Indian shares inched lower on Monday, dragged by heavyweight Reliance Industries after the conglomerate delayed the launch of a low-cost smartphone it is developing with Google, with investors awaiting key inflation data due later in the day.

The blue-chip NSE Nifty 50 index was down 0.22% at 17,335.35 by 0348 GMT, while the benchmark S&P BSE Sensex fell 0.25% to 58,159.13.

Billionaire Mukesh Ambani-owned Reliance Industries was the top percentage loser, down 1.3%, after its “ultra-affordable” smartphone — developed jointly by Reliance’s telecom arm and Google — was delayed to November.

Investors are now looking to India’s retail inflation data that is expected to have held steady in August, as per a Reuters poll.

In broader Asian markets, stocks traded slightly lower as key data this week from top economies United States and China were eyed by traders. [MKTS/GLOB]

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