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INFY - Infosys News Story

$18.18 0.2  1.0%

Last Trade - 16/04/21

Sector
Technology
Size
Large Cap
Market Cap £55.75bn
Enterprise Value £53.74bn
Revenue £9.75bn
Position in Universe 163rd / 6850

Indian shares end lower as pharma, IT stocks weigh ahead of federal budget

Fri 29th January, 2021 10:00am
By Philip  George
    BENGALURU, Jan 29 (Reuters) - Indian shares ended a volatile
session lower on Friday, weighed down by declines in
pharmaceutical and information technology firms, to mark their
sixth session of losses ahead of the federal budget on Monday.
    The blue-chip NSE Nifty 50 index  .NSEI  fell 1.32% to
13,634.6 and the benchmark S&P BSE Sensex  .BSESN  closed 1.26%
weaker at 46,285.77. The indexes ended the week 5.1% and 5.3%
lower, making it their second straight weekly loss.
    With Friday's close, the Nifty 50 has declined 2.5% in
January, after scaling record highs on multiple occasions during
the month as investors bet on a quick economic recovery aided by
the roll-out of COVID-19 vaccines.
    On Friday afternoon, the Indian government forecast a robust
economic recovery of 11% for fiscal 2021-22 in its annual
economic statement.  urn:newsml:reuters.com:*:nL1N2K40KS
    Markets reversed some losses to edge up in the aftermath,
but eventually retreated back into the red.
    Shares of Dr Reddy's Laboratories  REDY.NS  fell 6.6% to
their lowest level since Sept. 16 2020, after the drugmaker's
third-quarter profit missed estimates on a 6 billion rupee
impairment charge.
    "Dr Reddy's numbers have disappointed due to the provisions
and that has led to some nervousness in the pharma sector... the
market discounts everything very fast and people have to shift
their positions," said Anita Gandhi, director at Arihant Capital
Markets in Mumbai.
    Shares of IT heavyweights Infosys  INFY.NS  and Tata
Consultancy Services  TCS.NS  ended the day 2.9 and 2.7% lower
to be among top drags on the Nifty.
    The Nifty Pharma index  .NIPHARM  was down 1.8%, while the
Nifty IT index  .NIFTYIT  closed 2.6% lower.
    Top private lender HDFC Bank  HDBK.NS  was the biggest
boost, ending the day 1.4% higher and helping the Nifty Bank
index  .NSEBANK  advance 0.7%. 
    India's Finance Minister Nirmala Sitharaman is expected to
unveil plans to boost economic growth, with officials also
cautioning of tough choices that may have to be made to keep in
check the government's ballooning debt.

 (Reporting by Philip George in Bengaluru; Editing by Shailesh
Kuber)
 ((P.george@thomsonreuters.com))
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