Indian shares open lower, dragged by banking stocks
Updates at 9:26 a.m. IST
BENGALURU, July 8 (Reuters) -Indian shares opened marginally lower on Monday, weighed down bybanking stocks after alackluster quarterly update from Bank of Baroda BOB.NS.
The NSE Nifty 50 .NSEI was down 0.1% at 24,299.15 points, while the S&P BSE Sensex .BSESN shed 0.2% to 79,836.46 points as of 9:26 a.m. IST.
The bankindex .NSEBANK fell 0.5%. State-owned lender Bank of Baroda lost 3.5%, after reporting soft loan growth for the Junequarter on Friday.
The lender is the second-heavieststock among public sector banks after State Bank of India SBI.NS.
"The growth trends in both loans and deposits in June quarter are soft," said analysts at Nomura.
"Deposits too at 9% year-on-year are well below management'sguidance of 11-12%, we await further clarity from results," they added.
Besides financials-linked indexes, all the other nine sectoral indexes logged gains.
Consumer companies Dabur DABU.NS, Marico MRCO.S and Adani Wilmar ADAW.NS rose 2%-3%, after reporting a pick up in first-quarter revenue growth as demand improved gradually.
Reporting by Bharath Rajeswaran and Manvi Pant in Bengaluru; Editing by Mrigank Dhaniwala and Sonia Cheema
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