Indian Shares Sharply Lower As IT Stocks Slump
(RTTNews) - Indian shares tumbled in early trade on Wednesday, with IT stocks coming under heavy selling pressure after the U.S.-listed shares of both Infosys and Wipro declined between 2.5 percent and 8 percent during the overnight trading session on Wall Street.
Traders also assessed mixed signals over the status of U.S.-Iran peace talks and awaited upcoming RBI rate decision on Friday, along with its communication on the rupee for directional cues.
The benchmark BSE Sensex was down 790 points, or 1.1 percent, at 73,859 while the broader NSE Nifty index plummeted by 210 points, or 0.9 percent, to 23,271.
IT stocks slumped after recent string of gains, with HCL Technologies, Infosys, TCS and Tech Mahindra plunging 3-6 percent.
Titan Company fell over 1 percent after announcing that it plans to expand the store count of Helios and Helios Luxe.
Alkem Laboratories dropped 1 percent after two promoter entities divested a 1.5 percent stake in the company.
InterGlobe Aviation declined nearly 1 percent after announcing it would discontinue its flights to Manchester from August 31.
NHPC soared 4.6 percent after the government's offer for sale received overwhelming response from investors on the first day of subscription.
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