Sensex, Nifty Modestly Lower; IT Stocks Decline On Profit Taking
(RTTNews) - Indian shares opened a tad lower on Friday after three straight sessions of gains.
The benchmark S&P BSE Sensex was down 177 points, or 0.2 percent, at 76,634 in early trade while the broader NSE Nifty index was down 50 points, or 0.2 percent, at 23,349.
IT stocks traded weak, with HCL Technologies, TCS and Tech Mahindra falling between 0.7 percent and 1.5 percent.
JSW Steel fell more than 1 percent after the Group outlined an ambitious plan to invest up to $70 billion over the next six years.
Hindustan Unilever, Grasim and Shriram Finance were up 1-2 percent.
Vodafone Idea edged up slightly after its board approved issuance of about 166 crore shares to raise funds up to Rs 2,458 crore on a preferential basis.
Dr Reddy's Laboratories dropped 0.6 percent after LIC increased its shareholding in the company from 4.95 percent to 5.01 percent.
Ambuja Cements added nearly 2 percent after it agreed to acquire Penna Cement Industries Ltd (PCIL) for an enterprise value of Rs 10,422 crore.
Puravankara rallied 3 percent on fund raising reports.
Nitco jumped 5 percent after its board approved the sale of their immovable property in Kanjurmarg, Mumbai, to Runwal Construction.
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