Indian Shares Edge Lower As IT Stocks Extend Losses
(RTTNews) - Indian shares were a tad lower on Thursday as IT stocks extended their slide from the previous session on renewed concerns about the disruption AI start-ups will have on established companies.
The benchmark BSE Sensex was down 299 points, or 0.4 percent, at 83,934 in early trade while the broader NSE Nifty index dropped by 85 points, or 0.3 percent, to 25,869.
HCL Technologies, TCS, Tech Mahindra and Infosys were down 3-5 percent.
Federal Bank fell nearly 1 percent as the RBI approved ICICI Prudential AMC and ICICI Bank group entities to acquire up to 9.95 percent stake in the bank.
Similarly, Equitas Small Fin Bank declined 1.4 percent after the RBI approved and ICICI Pru AMC and ICICI Group Companies to acquire up to 9.95 percent stake in the bank.
Netweb Technologies tumbled 2.6 percent on reports its promoters — Sanjay Lodha, Navin Lodha, Niraj Lodha, and Vivek Lodha — are likely to sell up to a 3 percent stake in the company.
ONGC rose about 1 percent ahead of its earnings release.
Kernex Microsystems rallied 2.2 percent on securing a Rs. 411 crore order from Banaras Locomotive Works to supply 505 Kavach Loco Equipment.
Acutaas Chemicals added 1 percent after its arm acquired a 75 percent stake in the JV company, Indichem Incr.
Hindalco Industries dropped half a percent after informing the exchanges of a fire incident at its Novelis subsidiary's Oswego plant.
Lenskart Solutions soared 9 percent on posting a multi-fold jump in its Q3 net profit.
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