Indian shares edge lower as tech losses outweigh gains in pharma

BENGALURU (Reuters) – Indian shares inched lower on Monday, as losses in information technology stocks outweighed gains in pharmaceuticals, with investors also taking cues from a cautious sentiment in the broader Asian markets amid a lack of domestic triggers.

By 0525 GMT, the blue-chip NSE Nifty 50 index was down 0.15% at 15,836.30, while the benchmark S&P BSE Sensex lost 0.21% to 52,814.25.

Both the indexes added about 1.1% each last week, when over 41 million COVID-19 vaccine doses were administered across the country and some pandemic-led restrictions were eased further.

Positives such as progress in the monsoon and the vaccination drive gaining pace have already been discounted, said Ajit Mishra, vice president of research at Religare Broking in Noida.

The overall breadth of the market remains positive, but there is a struggle for momentum, he added.

In Asian markets, stocks kicked off the week on a cautious note due to a spike in coronavirus cases over the weekend.

In Mumbai trading, the Nifty Pharma index rose 1.06%, on track for only its fourth session of gains in eleven.

The Nifty IT index fell 0.53% after two straight sessions of gains, with software services firm Tata Consultancy Services being among the top percentage losers on the Nifty 50.

Thyrocare Technologies fell about 8% after hitting a record high in the previous session. The medical laboratory chain owner said on Friday online pharmacy PharmEasy’s parent will buy a 66.1% stake in the company.

Hospital chain operator Krishna Institute of Medical Sciences and milk distributor Dodla Dairy saw strong debuts, gaining 17.2% and 40%, respectively.

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