BENGALURU, Sept 13 (Reuters) - Indian shares fell on Monday, dragged by heavyweight Reliance Industries after the conglomerate delayed the launch of a low-cost smartphone it is developing with Google, with investors awaiting key inflation data due later in the day.
Indian equities have remained muted over the last few sessions and posted a weekly gain of roughly 0.3% in the previous week. The main indexes had hit multiple record highs earlier in September.
"In the absence of major events after the inflation data, we may continue to see some correction or a subdued move in the local market this week... this is not unhealthy given the moves in August and early-September," said Ajit Mishra, vice president of research at Religare Broking.
Billionaire Mukesh Ambani-owned Reliance Industries (RELI.NS) drove losses on the benchmark, falling over 2% after its "ultra-affordable" smartphone — developed jointly by Reliance's telecom arm and Google — was delayed to November. read more
The launch was highly anticipated given that it could combine with the company's other offerings, and the delay has "certainly impacted sentiment", Mishra added.
Energy stocks (.NIFTYENR) fell 1% to lead losses among sub-sectors.
Suryoday Small Finance Bank (SURO.BO) jumped as much as 7.8% after a report said lender Clix Capital Services was in merger talks with the bank.
Budget airline SpiceJet rose 0.4% after saying it has settled with another lessor of Boeing Co's MAX aircraft. read more
Investors now eye retail inflation data, with a Reuters poll of analysts projecting that the reading held steady in August and stayed within the central bank's comfort zone. read more
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