June 22, 2018 / 6:31 AM / 3 months ago

Indian shares inch down, oil counters drag

* NSE, BSE indexes both down 0.1 pct

* Reliance Industries top drag

* IDBI Bank up on report of stake sale plan

By Krishna V Kurup

June 22 (Reuters) - Indian shares extended losses for a second day on Friday, with energy stocks such as Reliance Industries Ltd and Hindustan Petroleum Corp Ltd losing ground ahead of a key meeting of the OPEC oil cartel.

The broader NSE index fell 0.13 percent to 10,727.25 as of 0539 GMT, while the benchmark BSE index was 0.12 percent lower at 35,390.05.

“I think domestic institutions are losing muscle power in terms of shouldering the markets from pain points,” said Saurabh Jain, AVP - Research at SMC Global Securities, adding some amount of correction was “very much” required.

The Nifty energy index shed 1.1 percent, as global oil prices rose on uncertainty over whether the Organization of the Petroleum Exporting Countries would manage to agree on a production increase at a meeting later in the day.

Reliance Industries was down 1.9 percent, while Hindustan Petroleum Corp Ltd inched 0.6 percent lower.

In Asia, shares ex-Japan clawed back after earlier sliding to their lowest level in six months on signs U.S. trade battles with China and many other countries were starting to chip away at corporate profits.

“People are wary of this trade protectionism policy. Things between the United States and China are becoming worse,” Jain said.

Financial stocks also fell, with IndusInd Bank Ltd declining 1.6 percent, although IDBI Bank Ltd climbed 2.3 percent on reports that the government was considering selling a stake to the Life Insurance Corporation of India.

AstraZeneca Pharma India Ltd rose 3.1 percent after it received approval to market its cancer drug in the country. (Reporting by Krishna V Kurup in Bengaluru; Editing by Biju Dwarakanath)

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