Indian shares end lower as Reliance, Hindalco drag

Indian shares ended lower in a choppy session on Thursday, dragged by heavyweight conglomerate Reliance Industries and aluminium producer Hindalco, but marked their strongest month since August as oil prices cooled.

The NSE Nifty 50 index (.NSEI) slipped from seven-week highs, closing 0.19 per cent lower at 17,464.75, while the S&P BSE Sensex (.BSESN) slipped 0.2 per cent to 58,568.51.

Both indexes ended March around 4 per cent stronger as oil prices dropped from 14-year peaks. They are around half a percentage higher for the final quarter of the year, after logging losses in January and February.

In the financial year ending March 31, the blue-chip indexes rose about 19 per cent each. MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell more than 12 per cent during the same period.

Oil prices tumbled on Thursday as the United States weighed a massive reserves release to calm soaring crude prices. A surge earlier this month, as countries discussed a Russian oil import ban after it invaded Ukraine, had dragged Indian equities to their lowest since July.

India is the world’s third-largest importer and consumer of oil, and higher crude prices tend to push the country’s trade and current account deficit higher while also hurting the rupee and fuelling inflation.

On Thursday, India’s most valuable company Reliance (RELI.NS) slid 1.4 per cent after hitting an over five-month high in the previous session.