Sensex, Nifty Struggle For Direction In Early Trade: IT Stocks Decline
(RTTNews) - Indian shares struggled for direction in early trade on Thursday amid concerns that moderating inflation in the U.S. won't be enough to prevent the Federal Reserve from hiking rates again in May.
Both the benchmark S&P/BSE Sensex and NSE Nifty index were marginally higher at 60,407 and 17,821, respectively. Tata Consultancy Services fell 1.3 percent after the IT bellwether posted healthy growth in Q4 of FY23, but broadly missed the street's expectations for the quarter.
Infosys lost 1.5 percent ahead of its earnings results due later in the day.
HCL Technologies and Tech Mahindra both fell around 1.5 percent.
ONGC gained 1.5 percent and Oil India added 1.3 percent after crude oil prices rose 2 percent on Wednesday to their highest in more than a month on mounting signs of tighter supplies and data showing cooling U.S. inflation.
RITES rose about 2 percent on securing an order worth Rs. 72 crore from the Kerala Infrastructure Investment Fund Board.
NTPC edged down slightly on fund raising reports.
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