BENGALURU (Reuters) – Indian stocks edged down on Tuesday as financials fell, and economists doubted new loan guarantees announced by the government as relief measures would boost growth.

At 5:09 am GMT, the blue chip NSE Nifty 50 was down 0.30% to 15,767.20 and the benchmark S&P BSE Sensex was down 0.26% to 52,597.28.

“All the positive factors are already built into the market, and there is no big event or positive that can help a new rally … We are seeing some consolidation,” said Gaurav Garg, manager of research at CapitalVia Global Research in Mumbai. .

Industry leaders and economists said on Monday that India’s new federal guarantees on bank loans to small businesses and tourism sectors, announced by the finance minister, would not be enough to boost economic growth .

“The market has reacted negatively as most of the measures announced are (…) a repetition of what they said in the budget,” Garg said, adding that the impact of the ground-level measures will take some time. time to think.

In Mumbai trading, the Nifty Bank index fell 0.80%. Private sector lenders ICICI Bank and HDFC Bank lost 1.3% and 0.7% respectively.

HDFC Life Insurance Co fell 2.3%. According to media reports, the company’s promoter, Standard Life, is selling a 3.46% stake in the insurer for less than HDFC Life’s closing price on Monday.

The government’s announcement to extend loan guarantees to the tourism sector, however, inflated airline shares. InterGlobe Aviation and Spicejet gained 0.5% and 2.3% respectively.

In global markets, wider Asian stocks edged down amid fears that further coronavirus outbreaks in the region could jeopardize the economic recovery.