Sensex, Nifty Drift Lower As IT Stocks Drag
(RTTNews) - Indian shares were moving lower on Friday despite data showing a slowdown in U.S. inflation and encouraging macroeconomic data on the domestic front.
Oil pushed higher for a sixth straight session Thursday and headed for a solid weekly gain, keeping investors nervous. A mixed set of earnings from IT companies also dented sentiment.
The benchmark S&P BSE Sensex dropped 130 points, or 0.2 percent, 50 59,828 in early trade, while the broader NSE Nifty index was down 34 points, or 0.2 percent, at 17,824.
Infosys slipped half a percent despite raising its revenue growth guidance in constant currency terms.
HCL Technologies fell 2 percent after trimming its FY23 revenue guidance.
Wipro and Tech Mahindra both fell over 1 percent.
Cyient jumped 3 percent on reporting a 37 percent rise in quarterly revenue.
L&T Technology Services slumped 5 percent after it inked an agreement with parent Larsen & Toubro to buy its Smart World & Communication business for Rs 800 crore.
Vishnu Chemicals dropped 1 percent on stock split news.
Heritage Foods advanced 1.5 percent on fund raising reports.
Allcargo Logistics rose half a percent after it picked up a 75 percent stake in European rival Fair Trade for 12 million euros.
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