India Stocks Drift Sideways After Week of Hitting Multiple Highs

(Bloomberg) — India stocks struggled for direction on Monday as investors weigh the potential impact of continued nationwide protests, after a week in which the benchmark index closed at a record high four times.

The S&P fell 0.1% to 41,642.66 at the 3:30 p.m. close in Mumbai. The Index also dropped 0.1%.

Equity investors have until now largely shrugged off protests against a law that makes religion a criterion for citizenship. But as protests wear on and the death toll climbs, worries are building over the impact they may have at a time when the economy is slowing.

Strategist View

“If political disturbances continue, it would be a downside worry as the protests could start to affect aggregate demand” said Chokkalingam G, head of Equinomics Research & Advisory Pvt.

The Numbers

• Eleven out of 19 sector sub-indexes compiled by BSE Ltd. fell, led by a gauge of energy companies
• Twelve Sensex shares fell while 18 climbed
• Reliance Industries contributed most to the index decline, falling 1.8%, while Nestle India had the largest drop, slipping 2%; HDFC provided the biggest boost to the Sensex, gaining 0.7%, Maruti Suzuki was the biggest winner with a 1.4% jump

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