Indian shares slip ahead of next week's budget

Gulf Today Report 

Indian shares declined on Thursday, dragged by bank and information technology stocks as investors prepare for next week’s federal budget.

The blue-chip NSE Nifty 50 index was down 0.95% at 13,834.90, after falling as much as 1.2% to its lowest level since Dec. 24. The benchmark S&P BSE Sensex slid 0.94% to 46,965.92.

Anand James, chief market strategist at Geojit Financial Services in Kochi said: "The market has been on a downward trend during the last couple of days and that is not surprising because, during the last two years, we have seen the fortnight preceding the budget to be a cautious time." 

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Indian equities have recorded high gains multiple times this month as investors hope for economic recovery due to the rollout of COVID-19 vaccine and boost from foreign fund inflows.

HDFC Bank and Kotak Mahindra Bank led the Nifty drags, falling 3% and 3.1% each.

The Nifty IT index declined 1.5%, weighed down by heavyweights Tata Consultancy Services and Infosys that shed 1% and 1.4%, respectively.