Indian shares drift lower as software exporters drag

Indian shares edged lower on Monday on account of the selling pressure in software makers such as Infosys and Tata Consultancy Services.

india trader
Reuters

Indian shares edged lower on Monday on account of the selling pressure in software makers such as Infosys and Tata Consultancy Services.

The S&P BSE Sensex fell 0.16 percent to 32,273 while the broader NSE Nifty declined 0.09 percent to 10,057.

Technology stocks led the losses. Infosys fell 2 percent, Tata Consultancy Services lost 0.9 percent while HCL Tech declined 0.7 percent.

Repco Home Finance fell 8.5 percent after the company reported lower-than-expected earnings.

Housing Development & Infrastructure fell 9 percent, its third straight session of fall after the National Company Law Tribunal admitted petition of insolvency proceedings against the company's unit.

Gujarat Narmada Valley Fertilizers & Chemicals declined 3.4 percent after the company said its net profit in the June quarter slumped 72 percent.

S&P BSE Metal Index gained 0.9 percent. Tata Steel advanced 4.3 percent ahead of its June quarter earnings scheduled after market hours.

Among other notable gainers, Jaiprakash Associates gained 13.4 percent after the company reported a profit in the June quarter after 12 consecutive quarter losses.

Wockhardt gained 0.7 percent after the drugmaker said it got U.S. Food and Drug Administration's approval for an antibiotic injection.

Market breadth was in the favour of losers, with about 2 stocks declining to every 1 stock that advanced.

Meanwhile, stocks in Asia gained, taking their cue from Wall Street after a better-than-expected U.S. jobs report.

The Labor Department's closely watched employment report showed on Friday that U.S. nonfarm payrolls rose by 209,000 jobs last month, and June's employment gain was revised higher.

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