Indian stocks edged down as tech losses outweigh gains in pharmaceuticals
BENGALURU (Reuters) – Indian stocks edged down on Monday as losses in information technology stocks outpaced gains in pharmaceuticals, as investors also took cautious sentiment in wider Asian markets due to lack of national triggers.
As of 5:25 am GMT, the blue chip NSE Nifty 50 index was down 0.15% to 15,836.30, while the benchmark S&P BSE Sensex was down 0.21% to 52,814.25.
The two indices added about 1.1% each last week, when more than 41 million doses of the COVID-19 vaccine were administered across the country and some pandemic-related restrictions were relaxed further.
Positive things like the progress of the monsoon and the acceleration of the vaccination campaign have already been ruled out, said Ajit Mishra, vice president of research at Religare Broking in Noida.
The overall scope of the market remains positive, but there is a struggle for momentum, he added.
In Asian markets, stocks started the week on a cautious note due to a spike in coronavirus cases over the weekend.
In Mumbai trading, the Nifty Pharma index rose 1.06%, on track for its fourth session of eleven gains.
The Nifty IT index fell 0.53% after two consecutive sessions of gains, with software services company Tata Consultancy Services among the biggest losers in the Nifty 50.
Thyrocare Technologies fell around 8% after hitting a record high in the previous session. The owner of the medical lab chain said on Friday that parent company of online pharmacy PharmEasy would buy a 66.1% stake in the company.
Hospital chain operator Krishna Institute of Medical Sciences and milk distributor Dodla Dairy got off to a solid start, gaining 17.2% and 40% respectively.
Report by Anuron Kumar Mitra in Bangalore; edited by Uttaresh.V