Sensex, Nifty Marginally Lower As IT Stocks Drag
(RTTNews) - Indian shares were flat to slightly lower on Monday, with IT stocks leading losses after a U.S. credit rating downgrade.
The benchmark S&P BSE Sensex was down 111 points, or 0.1 percent, at 82,219 in early trade while the broader NSE Nifty index was little changed at 25,011.
Among the prominent decliners, IndusInd Bank, Tech Mahindra, TCS, HCL Technologies, Eternal and Infosys all were down around 1 percent.
Vodafone Idea lost nearly 4 percent. The cash-strapped telecom firm has moved to the Supreme Court after the government refused to waive over USD 5 billion in interest and penalties related to adjusted gross revenue (AGR) dues.
Protean eGov Technologies shares plummeted 20 percent after the company was not selected by the Income Tax Department for a major technology revamp project.
PSU stocks such as Power Grid Corporation of India and Bharat Electronics were moving higher ahead of their earnings results.
Divi's Lab climbed 4 percent on reporting a 26 percent increase in quarterly net profit.
Bajaj Auto rallied 2.3 percent after its overseas unit raised an amount of 566 million euros in loans from JP Morgan, DBS Bank, and Citigroup Global Markets Asia.
Delhivery soared 8.6 percent after it swung to a profit in Q4.
KEC International added nearly 2 percent on winning an order worth Rs. 1,133 crores for transmission and distribution projects across India.
JSW Steel rose 0.6 percent on fund raising reports.
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