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Sensex, Nifty Decline In Early Trade; IT Stocks Hit Hard On Tariff Concerns
(RTTNews) - Indian shares were moving lower on Monday as U.S. President Donald Trump reiterated reciprocal tariffs plans for India.
The benchmark S&P/BSE Sensex dropped 550 points, or 0.7 percent, to 74,760 in early trade while the broader NSE Nifty index was down 161 points, or 0.7 percent, at 22,634.
IT stocks were among the worst hit, with Infosys, TCS, Wipro and HCL Technologies all falling around 2 percent.
Britannia and BPCL both fell around 1 percent after they have been removed from Nifty 50.
Jio Financial Services declined 1.4 percent and Zomato fell nearly 2 percent. The two stocks have been added to the index with effect from March 28.
Jagsonpal Pharmaceuticals lost 2.4 percent after receiving a warning from the U.S. FDA for significant manufacturing lapses at its Rajasthan-based API plant.
Manappuram Finance rallied 2 percent on reports that American private equity player Bain Capital is likely to acquire a significant part of the promoter stake in the gold loan company.
Healthcare Global Enterprises jumped 2.5 percent as KKR agreed to acquire up to 54 percent of equity in the company from CVC Asia V at a purchase price of Rs.445 per share.
RailTel Corporation gained 2.6 percent on winning the Kavach tender for 71 stations.
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