Indian shares edge lower as tech losses outweigh gains in pharma

Dodla Dairy

28/06/2021 06:51

By Anuron Kumar Mitra
    BENGALURU, June 28 (Reuters) - Indian shares inched lower on
Monday, as losses in information technology stocks outweighed
gains in pharmaceuticals, with investors also taking cues from a
cautious sentiment in the broader Asian markets amid a lack of
domestic triggers.
    By 0525 GMT, the blue-chip NSE Nifty 50 index  .NSEI  was
down 0.15% at 15,836.30, while the benchmark S&P BSE Sensex
 .BSESN  lost 0.21% to 52,814.25.
    Both the indexes added about 1.1% each last week, when over
41 million COVID-19 vaccine doses were administered across the
country and some pandemic-led restrictions were eased further.
    Positives such as progress in the monsoon and the
vaccination drive gaining pace have already been discounted,
said Ajit Mishra, vice president of research at Religare Broking
in Noida.
    The overall breadth of the market remains positive, but
there is a struggle for momentum, he added.
    In Asian markets, stocks kicked off the week on a cautious
note due to a spike in coronavirus cases over the weekend.
 MKTS/GLOB 
    In Mumbai trading, the Nifty Pharma index  .NIPHARM  rose
1.06%, on track for only its fourth session of gains in eleven.
    The Nifty IT index  .NIFTYIT  fell 0.53% after two straight
sessions of gains, with software services firm Tata Consultancy
Services  TCS.NS  being among the top percentage losers on the
Nifty 50.
    Thyrocare Technologies  THYO.NS  fell about 8% after hitting
a record high in the previous session. The medical laboratory
chain owner said on Friday online pharmacy PharmEasy's parent
will buy a 66.1% stake in the company.
    Hospital chain operator Krishna Institute of Medical
Sciences  KRII.NS  and milk distributor Dodla Dairy  DODL.NS 
saw strong debuts, gaining 17.2% and 40%, respectively.
    

 (Reporting by Anuron Kumar Mitra in Bengaluru; editing by
Uttaresh.V)
 ((AnuronKumar.Mitra@thomsonreuters.com; +91 99863 58469;))