Sensex, Nifty Open Lower On Weak Asian Cues; IT Stocks Drag
(RTTNews) - Indian shares opened lower on Monday, with IT and telecom stocks leading losses. A cautious undertone prevailed as Treasury yields climbed after the release of upbeat U.S. jobs data.
The benchmark S&P BSE Sensex dropped 270 points, or half a percent, to 54,211 in early trade while the broader NSE Nifty index was down 64 points, or 0.4 percent, at 16,156.
IT services provider TCS slumped 4.5 percent after posting disappointing quarterly earnings results. Rivals Infosys, Wipro, HCL Technologies and Tech Mahindra lost 2-3 percent.
Bharti Airtel plunged 4.5 percent after Adani Group entered the 5G spectrum auction race to provide a private network for airports and its ports business.
Avenue Supermarts rose over 1 percent on reporting a six-fold jump in Q1 profit.
Dr Reddy's Laboratories rallied 2 percent after launching its generic version of fesoterodine fumarate extended-release tablets in the United States.
Tata Motors fell about 1 percent on the price hike buzz.
Kotak Mahindra Bank was down 0.7 percent after the private second lender acquired the over Rs 600 crore-worth agri and healthcare equipment finance portfolio of Dutch lender DLL India for an undisclosed sum.
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