Banks weigh on Indian shares; Zee Entertainment soars | Fintech Zoom – World Finance

BENGALURU, March 24 (Reuters) – Indian shares ended marginally lower on Thursday, pulled down by heavyweight bank stocks, while entertainment giant Zee (ZEE.NS) jumped after its top investor dropped plans to shake up management.

Investors also assessed crude oil futures, which were trading at around $120 a barrel amid concerns over supply disruptions as the Russian assault on Ukraine entered its second month.

The surge in crude prices has made India, the world’s third-largest importer and consumer of oil, vulnerable to high inflation, while pushing up its trade deficit and hurting the rupee.

The blue chip NSE Nifty 50 index (.NSEI) fell 0.13% to end at 17,222.75, while the benchmark S&P BSE Sensex (.BSESN) lost 0.15% to close at 57,595.68.

India has frozen plans to allow local firms to list overseas in a blow to foreign funds and stock exchanges, Reuters also reported on Wednesday. read more

Companies such as education platform BYJU’S and Walmart‘s (WMT.N) Flipkart, which have strong backing from well-known private equity investors, have reportedly considered listing overseas.

In Mumbai trading, Zee soared 20% after top investor Invesco dropped plans to shake up management at the entertainment company and said it would support the firm’s planned merger with Sony’s (6758.T) India unit. read more

The Nifty Bank Index (.NSE(BA)NK) lost 1.72% and was the biggest drag to the main index. Private-sector lenders Kotak Mahindra Bank (KTKM.NS) and HDFC Bank (HDBK.NS) ended among the top percentage losers on the Nifty 50.

However, overall losses were in check as investors bought into defensive information technology and pharmaceutical stocks.

The Nifty IT index (.NIFTYIT) and the Nifty Pharma Index (.NIPHARM) gained 1.2% and 1.14%, respectively.

Among other stocks, Paytm (PAYT.NS) closed 9.6% higher, snapping a four-day losing streak. The fintech company had shed nearly 23% last week amid mounting regulatory woes.

Reporting by Anuron Kumar Mitra in Bengaluru; editing by Uttaresh.V and Saumyadeb Chakrabarty

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