Indian shares edge lower as tech losses outweigh gains in pharma.
The Nifty 50 index was down 0.15 per cent at 15,836.30, while the benchmark S&P BSE Sensex lost 0.21 per cent to 52,814.25.
Investors also took cues from a cautious tone in the broader Asian markets with a shortage of domestic catalysts, as losses in information technology companies outnumbered gains in medicines on Monday.
The blue-chip NSE Nifty 50 index was down 0.15 per cent at 15,836.30 as of 0525 GMT, while the benchmark S&P BSE Sensex was down 0.21 per cent at 52,814.25. Last week, both indexes gained nearly 1% apiece, as over 41 million Covid-19 vaccine doses were distributed across the country, and several pandemic-related limitations held loosened further. According to Ajit Mishra, vice president of research at Religare Broking in Noida, positives like monsoon progress and the vaccine effort are picking up steam.
Stocks in Asian markets started the week cautiously due to an increase in coronavirus cases over the weekend. The Nifty Pharma index surged 1.06 per cent in Mumbai trading, putting it on course for only its fourth session of gains in eleven. After making a new high in the previous session, Thyrocare Technologies lost nearly 8%. According to the medical laboratory chain’s owner, the parent of online pharmacy PharmEasy will purchase a 66.1 per cent stake in the company.
Krishna Institute of Medical Sciences, a hospital chain, and Dodla Dairy, a milk distributor, both had good beginnings, gaining 17.2% and 40%, respectively.
After two straight sessions of advances, the Nifty IT index lost 0.53 per cent, with software services prominent Tata Consultancy Services among the top percentage losers on the Nifty 50.