India's NSE Nifty Falls Off Record as Software Stocks Decline

Indian Stocks Get Post-Election Boost

Indian shares fell on Monday, with the NSE Nifty 50 index slipping from a record, as software and technology stocks declined.

Both Nifty and the S&P BSE Sensex fell 0.4 percent as companies including Wipro Ltd., Tata Consultancy Services Ltd. and Infosys Ltd. dropped at least 1.3 percent. Private sector lender Axis Bank Ltd. fell to a one-month low for the worst performance on the Sensex.

IndexChangeSize & Scope
Nifty 50 Index-0.4%Off record close
Sensex-0.4%Drops most in two weeks
BSE Communication Tech Index-1.2%Over one-week low

“Growth rate for the technology industry has come off,” Rahul Jain, vice president for research at Mumbai-based Systematix Shares & Stocks Ltd. said by phone. “Unless there is visibility of growth, these stocks will underperform despite that the valuations are attractive.”

Summary

* Idea Cellular Ltd -9.6%; company agrees to merge with Vodafone’s India unit
* IDBI Bank +2.2%; to consider preferential issue
* Reliance Industries Ltd. -1.5%; 12% of company’s equity changes hands in four blocks

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