Indian Stocks Fell As Metals Weakness Offset Automobile Advances

Indian equities were slightly altered on May 23 after advancing over 3% the prior session, as a severe selloff in metal companies offset advances in automobile sector. The Nifty metals index fell 6.6 percent, while the Nifty auto index increased by 2%. The Indian government announced on May 22 that it will eliminate import duty on anthracite, PCI coal, and coking coal, with the goal of lowering raw material costs.