Indian shares slip; investors await Jio IPO

Business Recorder reported that Indian shares slipped on Monday, with private sector banks leading the losses as market participants weighed results from several large lenders. Elevated crude prices also weighed on sentiment. HDFC Bank and Axis Bank fell 2.3% and 4.2% respectively after both fell short of quarterly forecasts, while the private sector bank group as a whole dropped 1.9%.

The Nifty 50 closed 1.11% lower at 22,888.95, while the BSE Sensex declined 1.17% to 73,852.90. Losses spread across 15 of the 16 major sectors, with the IT index down 1.3% after rising 3.9% in the previous session. LTM lost 2.9% after its quarterly profit fell short of estimates, and the broader small-cap and mid-cap indices lost 1% and 1.1%.

Public sector banks gained 2.5%, with Punjab National Bank climbing 4.8% after reporting wider net interest margin, while Union Bank of India rose 5.3% on higher profit and better asset quality. UltraTech Cement slid 2.4% after India's biggest cement maker by capacity posted profit below analyst expectations. Separately, US President Donald Trump set aside sanctions and tariffs on Russia, a move that could boost Russian fuel exports and ease supply concerns, though Brent crude held at $108.5 a barrel amid Middle East tensions.