Metals drag down Indian shares down at the open
Updates for markets open
Dec 13 (Reuters) -Indian shares opened lower on Friday, dragged down by metal stocks on a strong U.S. dollar and lack of clarity around stimulus measures by topconsumer China.
The NSE Nifty 50 .NSEI was down 0.51% at 24,421.35 points as of 9:26 a.m. IST, while the BSE Sensex .BSESN shed 0.54% to 80,853.8.
All 13 major sectors declined. The metalsindex .NIFTYMET declined 1.7% and was the top sectoral loser on the back of a stronger U.S. dollar as well as a lack of policy details about China's stimulus measures. MET/L
More clarity on the stimulus is expected to boost metal producers globally.
A strong dollar makes metals more expensive for holders of other currencies.
High-weightagefinancials .NIFTYFIN lost 0.6% on Friday, whileinformation technology stocks.NIFTYIT fell 0.5% after gaining 2.2% in the last four sessions.
Meanwhile, data on Thursday showed thatdomestic inflation eased inNovember was withinthe Reserve Bank of India's 2%-6% tolerance band.
However, a stronger dollaris a concern since it could lead to a rise in imported inflation, said VK Vijayakumar, chief investment strategist at Geojit Financial Services.
Reporting by Bharath Rajeswaran in Bengaluru; Editing by Janane Venkatraman and Sonia Cheema
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