MUMBAIIndian shares recovered from over 2 percent lows but still ended in the red on Monday after Prime Minister Narendra Modi’s heavy defeat in Bihar’s state elections raised concerns the government would struggle to pass policy reforms.
The Sensex ended 0.55 percent lower after falling as much as 2.32 percent while the Nifty ended 0.49 percent lower after falling as much as 2.35 percent earlier in the day.
Gains in auto and consumer goods stocks helped cushion losses in financial and pharmaceutical stocks.
Both indices hit their lowest intra-day level since Sept. 29 and have booked losses in 10 out of 11 sessions.
(Reporting by Karen Rebelo in Mumbai; Editing by Sunil Nair)
Prime Minister Narendra Modi will have to reverse course and engage with opposition leaders if he is to salvage his economic reform programme, senior aides said on Monday, after he suffered a humiliating Bihar defeat. Full Article