Indian stocks slip as virus fears persist, Reliance limits losses

BENGALURU, July 10 (Reuters) - Indian shares fell in line with Asian peers on Friday as a relentless surge in coronavirus cases threatened to disrupt economic recovery, although gains in heavyweight Reliance Industries Ltd helped limit losses.

The NSE Nifty 50 index fell 0.27% to 10,784.5 by 0357 GMT, while the benchmark S&P BSE Sensex was down 0.25% at 36,645.81. The indexes were, however, headed for their fourth straight week of gains.

Cases in the world’s second-most populous country jumped by 26,506 to 793,802 as of Friday morning, including 21,604 deaths, health ministry data showed.

Asian shares and U.S. stock futures too slipped as record surges in many U.S. states stoked fears of new lockdowns that could hurt an economic recovery.

In Mumbai trading, large shadow lender Housing Development Finance Corporation Ltd slid 1.6%, while private-sector lender IndusInd Bank Ltd dropped 2.8%.

State-run Punjab National Bank fell 6.7% after it reported loans made to Dewan Housing Finance Corporation Ltd worth 36.89 billion indian rupees ($490.95 million) as “fraud”.

Reliance Industries Ltd rose as much as 1.4% after BP paid the Indian conglomerate $1 billion to set up a joint network of thousands of petrol stations across India. ($1 = 75.1400 Indian rupees) (Reporting by Chris Thomas in Bengaluru; Editing by Shailesh Kuber)