INDIA STOCKS-Indian benchmark shares open tad lower as financials pull back

(Updates for markets open) Oct 3 (Reuters) – India's equity benchmarks opened marginally lower on Friday, as heavy-weight financials pulled back after a sharp uptick on Wednesday after central bank's dovish pause and reforms to enhance bank lending. The Nifty 50 was down 0.26% at 24,768.5, while the BSE Sensex shed 0.27% to 80,773.54, as of 9:17 a.m. IST. Nine of the 16 major sectors logged losses at the open. Financials lost 0.4%, dragging the benchmark indexes. They had gained 1.4% on Wednesday after the Reserve Bank of India eased rules for lending to capital markets and large corporates. Indian financial markets were closed on Thursday for a local holiday. Consumer stocks fell 0.6% to top the list of sectoral losers by percentage. The broader small-caps and mid-caps gained 0.1% and 0.3%, respectively. Meanwhile, WeWork India Management's 30-billion-rupee IPO will open for subscription later in the day. The Indian unit of the U.S.-based shared office space provider has set a price band of 615-648 rupees per share for its IPO, targeting a valuation of 86.85 billion rupees, according to Reuters calculations. ($1 = 88.7350 Indian rupees) (Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sonia Cheema and Janane Venkatraman)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)