Indian Shares Drift Lower On Firmer US PCE Inflation Data
(RTTNews) - Indian shares were moving lower in cautious trade on Thursday, tracking mixed cues from global markets after firmer-than-expected U.S. inflation data revived Fed rate hike bets.
Investors were also reacting to Nvidia's upbeat quarterly results and fresh signs of diplomatic progress in the Middle East.
The benchmark 30-share BSE Sensex was down 94 points, or 0.1 percent, at 77,375 in early trade, while the NSE Nifty index slid 20 points to 24,188.
Among the prominent decliners, Maruti Suzuki India, TCS, HDFC Bank, Hindustan Unilever, Power Grid Corp, NTPC and HCL Technologies all fell around 1 percent.
Tata Power Company slumped 4.3 percent after losing its challenge against a $490 million arbitration award in Singapore linked to a dispute with Kleros Capital Partners.
Hindustan Copper fell 2.5 percent after the government sold over 5.80 crore shares or up to 6 percent stake in the company through a two-day offer-for-sale.
Max Healthcare Institute dropped 1 percent. Its subsidiary, Alps Hospital, has received a show-cause-cum-demand notice from the DGGI's Mumbai Zonal Unit over alleged non-payment of GST.
Bharat Electronics rose over 1 percent on bagging orders worth Rs. 730 crore for defense equipment.
GK Energy soared 4.7 percent on receiving approval for a Rs. 455-crore rooftop solar project.
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