Sensex, Nifty Give Up Early Gains

Indian shares gave up early gains to edge lower in choppy trade on Friday as investors keep an eye on oil and rupee movements.

The rupee is expected to slide further against the greenback despite oil prices declining for a second day.

The benchmark S&P BSE Sensex slipped marginally to 52,290, giving up early gains. The broader NSE Nifty index was down 32 points, or 0.2 percent, at 15,659.

TCS and Infosys were moving higher. IT industry body NASSCOM clarified that a report suggesting that the sector could face 3 million job losses in 2022 is incorrect.

Natco Pharma dropped 1.4 percent on reporting a 43 percent fall in Q4 consolidated net profit.

Fortis Healthcare edged down slightly. The company said it would make available Sputnik V vaccine as part of a limited pilot rollout from Saturday in Gurgaon.

Novartis India fell 4.5 percent despite reporting a 43 percent annual rise in fourth-quarter profit.

Jet Airways slumped 4.5 percent after its shareholders rejected FY20, FY19 financial results.

Lupin was modestly lower. The company said it has received approval from the U.S. health regulator to market Sevelamer Hydrochloride tablets.

SBI Cards plunged more than 5 percent on news that private equity major Carlyle plans to offload 5.1 percent stake in the company.

Power Grid Corporation fell over 1 percent after it posted a 6.4 percent year-on-year increase in fourth-quarter consolidated net profit.