Indian shares flat as TCS tumbles 6%

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FILE PHOTO: A woman passes near the Bombay Stock Exchange (BSE) building in Mumbai, India January 31, 2020. REUTERS/Francis Mascarenhas
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BENGALURU (Businesshala) – Indian stocks fell early Monday on gains in Reliance Industries led by weakness in IT stocks after Tata Consultancy Services reported its September-quarter results.

The NSE Nifty 50 index was up 0.05% at 17,905.85, while the S&P BSE Sensex was down 0.05% at 60,005.01 by 0352 GMT.

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The Nifty’s IT index fell over 4% with Tata Consultancy Services losing 6%.

The IT major topped quarterly profit estimates, but analysts said there were signs of deal winning and easing margin pressure in future quarters.

On the other hand, the Mukesh Ambani-led company said Reliance Industries grew 1.2%, would buy Norwegian-headquartered solar panel maker REC Solar Holdings for $771 million and up to 40% stake in India’s Sterling and Wilson Solar.

Shares in Sterling and Wilson Solar were up 14% early Monday.

Meanwhile, Asian shares and US stock futures climbed higher on Monday with China’s blue chip index rising 1%, while higher oil prices kept inflation concerns intact.[MKTS/GLOB]

Reporting by Chandini Monappa in Bengaluru; Editing by Amy Karen Daniels

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