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Sensex, Nifty Open Lower As IT Stocks Drag
(RTTNews) - Indian shares opened on a subdued note Friday after yields on long-term U.S. Treasury Notes climbed to a 16-year high on fears of further interest rate hikes by the Federal Reserve.
The benchmark S&P BSE Sensex was down 258 points, or 0.40 percent, at 64,893 in early trade, while the broader NSE Nifty index was down 74 points, or 0.4 percent, at 19,291.
IT stocks were seeing broad-based losses, with HCL Technologies, Tech Mahindra, Wipro and TCS falling 1-2 percent.
Pharma stocks traded higher, with Cipla and Dr Reddy's Laboratories rising around 1 percent each.
ONGC dropped half a percent on news it would invest Rs 1 lakh crore (trillion) by the end of this decade in low-carbon energy opportunities, including renewables and green hydrogen.
Emami added 1.4 percent on reports it aims to complete the sale of AMRI Hospitals this month to Manipal Group for about Rs. 2,400 crore.
South Indian Bank jumped over 9 percent after it approved appointment of PR Seshadri as Managing Director and CEO of the bank.
InterGlobe Aviation fell about 2 percent after promoter stake sale.
NLC India rallied 2.4 percent after it has entered into a long-term power usage agreement with Rajasthan Urja Vikas Nigam.
Adani Green Energy soared 4.3 percent after its associate firm, Mundra Solar Energy, received approval for its solar photovoltaic manufacturing plant at Mundra, Gujarat from the Solar Energy Corp. of India.
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