Sensex, Nifty Little Changed; IT Stocks Decline
(RTTNews) - Indian shares opened on a steady note Monday after Narendra Modi was sworn in as Prime Minister for a rare third term and the Bharatiya Janata Party (BJP) retained at least 31 ministers in the Union Cabinet for the 18th Lok Sabha, indicating the continuity of programs.
The upside was capped as a stronger-than-expected U.S. jobs report pushed Treasury yields higher and raised doubts about whether the Fed will be able to cut interest rates this year.
The benchmark S&P BSE Sensex was down 33 points at 76,661, giving up early gains. The broader NSE Nifty index was up 8 points at 23,298.
Power Grid Corp topped the gainers list to climb 3.6 percent while Adani Ports, Axis Bank, Cipla and UltraTech Cement were up 1-2 percent.
IT stocks fell across the board, with LTIMIndTree, HCL Technologies, Infosys, Wipro and Tech Mahindra falling 1-2 percent.
KEC International soared 5.4 percent on bagging new orders of Rs 1,061 crore across its various businesses.
Raymond surged over 4 percent after it has been selected as the "Preferred Developer" for redevelopment of MIG VI CHS Ltd located in Bandra East.
Pavna Industries jumped 4 percent after acquiring a land parcel in Pantnagar, Uttarakhand for its upcoming greenfield plant.
JSW Energy rose 1.2 percent as it signed a seven-year green hydrogen supply agreement with JSW Steel Ltd for 3,800 tons per annum.
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