July 24, 2019 / 10:35 AM / 2 months ago

Indian shares close lower for fifth day after IMF cuts growth forecast

* NSE index down 0.5%, BSE falls 0.4%

* Adani Ports biggest loser on NSE

* IndiGo owner ends higher on reports of promoters’ truce

BENGALURU, July 24 (Reuters) - Indian shares marked their worst losing streak since mid-May on Wednesday after the International Monetary Fund (IMF) cut its annual growth forecast for the country, with losses seen across the board.

The broader NSE index ended 0.53% lower at 11,271.3, while the benchmark BSE index closed down 0.36% at 37,847.65. This was the indexes’ fifth straight session of losses.

Port infrastructure company Adani Ports and Special Economic Zone Ltd declined 4.7% and was the top percentage loser on the NSE index, while shadow bank Indiabulls Housing Finance Ltd fell 4.5% to its lowest close in nearly four weeks.

Meanwhile, shares of Interglobe Aviation Ltd, the owner of India’s top airline IndiGo, recovered from early losses to close 4.7% higher after TV channels reported that promoters of the airline had called a truce.

Zee Entertainment Enterprises Ltd led the 10 components of the Nifty 50 index that ended in the green, closing up 5.2% after reporting a jump in quarterly profit.

For mid-day report see: (Reporting by Chris Thomas in Bengaluru; editing by Uttaresh.V)

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