India's NSE Nifty Falls Off Record as Software Stocks DeclineBy
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.
|Index||Change||Size & 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.”
* 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