Indian shares were subdued early on Monday as gains in Reliance Industries were offset by weakness in IT stocks after Tata Consultancy Services reported September-quarter results.
The NSE Nifty 50 index (.NSEI) was up 0.05 per cent at 17,905.85, while the S&P BSE Sensex (.BSESN) was down 0.05 per cent at 60,005.01 by 0352 GMT.
Nifty’s IT index (.NIFTYIT) tumbled more than 4 per cent with Tata Consultancy Services (TCS.NS) leading losses with a 6 per cent drop.
The IT major topped quarterly profit estimates but analysts said there were indications of moderating deal wins and margin pressure in future quarters.
On the other hand, Reliance Industries (RELI.NS) rose 1.2 per cent after the Mukesh Ambani-led company said it would buy Norwegian-headquartered solar panel maker REC Solar Holdings for $771 million and an up to 40 per cent stake in India’s Sterling and Wilson Solar (STEN.NS). read more
Shares of Sterling and Wilson Solar rallied 14 per cent early on Monday.
Meanwhile, Asian shares and U.S. stock futures inched higher on Monday as China’s blue chip index (.CSI300) rose 1per cent, while high oil prices kept inflation worries intact.