Indian shares opened a tad lower on Monday as higher January inflation and strong consumer spending figures from the United States raised fresh concerns about the outlook for interest rates.
The benchmark S&P/BSE Sensex was down 50 points, or 0.1 percent, at 59,413 in early trade, while the broader NSE Nifty index was down 25 points, or 0.1 percent, at 17,441.
Among the prominent decliners, Dr Reddy’s Laboratories, UPL, Infosys, Adani Enterprises and Bajaj Auto fell 2-4 percent.
Adani Ports and Special Economic Zone rose 2 percent after saying it has surpassed 300 metric million tones (MMT) of cargo handling in just 329 days.
Adani Green Energy fell 5 percent. S&P Global Ratings has affirmed the rating of the company’s units at ‘BB+’ with a stable outlook and also removed the company from the under-criteria observation.
One 97 Communications rallied 3.3 percent on reports that China’s Ant group and Masayoshi Son-led SoftBank are looking at reducing their holding in the fintech major.
Vodafone Idea edged down slightly after its shareholders approved the preferential issuance of up to Rs. 1,600 crore of optionally convertible debentures to vendor American Tower Corp.
Edelweiss Financial Services was little changed on receiving shareholder approval for the proposed demerger of its wealth management business.
Piramal Enterprises was marginally lower on fund raising reports.
Market Analysis
Sensex, Nifty Marginally Lower In Early Trade
2023-02-27 04:11:06
