Sensex, Nifty Drift Lower In Early Trade; Mahindra & Mahindra Tumbles 5%
(RTTNews) - Indian shares were a tad lower on Wednesday after Federal Reserve Chair Jerome Powell offered little hints on the timing of possible interest-rate cuts.
The benchmark S&P/BSE Sensex was down 146 points, or 0.2 percent, at 80,205 in early trade while the broader NSE Nifty index slipped 53 points, or 0.2 percent, to 24,380.
Mahindra & Mahindra slumped 5 percent after slashing the starting price of its best-selling sports utility vehicle.
Banks SBI and Kotak Mahindra Bank both fell around 1 percent.
Delta Corp tumbled 3 percent on weak Q1 results.
Maruti Suzuki India rallied 3 percent to extend gains from the previous session after the Uttar Pradesh government announced a complete waiver of registration tax on strong hybrid cars.
Eicher Motors and Britannia Industries both were up around 2 percent.
RVNL jumped nearly 10 percent after it received a letter of acceptance from Maharashtra Metro Rail Corporation Limited for the construction of elevated metro stations.
Mankind Pharma rallied 2.5 percent after a block deal.
Adani Ports and Special Economic Zone rose 0.7 percent after it won a 30-year concession to develop and operate Berth No. 13 at Deendayal Port.
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