Indian shares end lower as IT stocks and Reliance drag

BENGALURU, June 28 (Reuters) – Indian shares closed lower on Monday, weighed down by heavyweight information technology stocks and Reliance Industries, with investors showing little reaction to relief measures announced by the country’s finance minister.

Benchmark indices snapped their two-day winning streak with the blue-chip NSE Nifty 50 index ending 0.29% lower at 15,814.70, while the S&P BSE Sensex closed down 0.36% to end at 52,735.59.

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-induced restrictions were further eased.

However, the Nifty and Sensex struggled for momentum on Monday after hitting record highs when they opened, with investors largely looking past several relief measures announced by India’s finance minister late in the session.

Global shares also dented sentiment as Asian and European markets fell after a spike in coronavirus cases across Asia over the weekend.

In Mumbai trading, the Nifty IT index ended 0.49% lower after two straight sessions of gains. The country’s top software services provider Tata Consultancy Services fell 1.3% and was among the top percentage losers on the Nifty 50.

Billionaire Mukesh Ambani-owned conglomerate Reliance closed 0.7% lower, clocking its fifth consecutive day of losses.

The Nifty Pharma index ended up 1.27%, for only its fourth session of gains in eleven.

Thyrocare Technologies closed down 9.6% after hitting a record high on Friday. Temasek-backed online pharmacy PharmEasy’s parent is set to buy a 66.1% stake in the medical laboratory chain owner.

Hospital chain operator Krishna Institute of Medical Sciences and milk distributor Dodla Dairy saw strong market debuts, gaining 20.8% and 42.5%, respectively.

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