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Sensex, Nifty Decline As IT Stocks Drag On Trade Uncertainty
(RTTNews) - Indian shares declined on Thursday after U.S. President Donald Trump signaled that a new trade deal could be inked soon with India.
His statement comes at a time when both countries' commerce ministry officials are prepping for another round of trade talks.
Extended trade negotiations between India and the U.S. are impacting Indian businesses, affecting export orders, operational strategies, and the acquisition of new American clients, the Economic Times reported.
A rebound in the dollar index in international markets and uncertainty surrounding the future of U.S. Federal Reserve Chair Jerome Powell also weighed on markets.
The benchmark S&P/BSE Sensex ended the session down 375.24 points, or 0.45 percent, at 82,259.24 despite mostly positive cues from global markets.
The broader NSE Nifty index dropped 100.60 points, or 0.40 percent, to 25,111.45 while the BSE mid-cap and small-cap indexes bucked the weak trend to edge up by 0.1 percent and 0.3 percent, respectively.
The market breadth was slightly weak on the BSE, with 2,029 shares declining while 2,017 shares advanced and 153 shares closed unchanged.
Tech Mahindra led losses to end 2.8 percent lower while Larsen & Toubro, Eternal, HCL Technologies and Infosys fell 1-2 percent.
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