By Chris Thomas
BENGALURU (Reuters) -Indian shares on Tuesday reversed course to trade lower on losses in technology stocks, while airport service aggregator DreamFolks Services surged 68% in its market debut.
The NSE Nifty 50 index was down 0.39% at 17,597.45, as of 0458 GMT, while the S&P BSE Sensex slipped 0.4% to 59,011.56.
“Markets are going to be range-bound with focus on global macros and oil, near-term triggers are all done for this quarter,” said Mayuresh Joshi, head of equity research at William O’Neil & Co in India.
Oil prices slipped on Tuesday after a 3% gain in the previous session, as an OPEC+ deal to cut output in October was seen as a largely symbolic move to stem the market’s recent slide, while Asian shares rose after China pledged to make renewed efforts to boost its sagging economy. [O/R] [MKTS/GLOB]
In Mumbai, the Nifty IT index was among the worst performing sub-indexes, falling as much as 0.8% to an over one-week low. Infosys declined 1%.
Reliance Industries gained 1.1% after the company said it would acquire a 79.4% stake in California-based solar energy software developer SenseHawk for $32 million as part of efforts to boost renewable energy output.
Apollo Hospitals Enterprise rose as much as 2.9% to be the top percentage gainer on the Nifty 50.
DreamFolks Services, India’s largest airport service aggregator, soared 68.4% in its market debut. Shares climbed to as much as 549 rupees, compared with the issue price of 326 rupees.
Kalpataru Power Transmission jumped 8.5% to post its biggest intraday percentage rise in over a year in heavy volumes after the company won orders worth $168 million.
New Delhi Television slid 5% after surging more than 50% over the last nine sessions amid a takeover battle between its promoters and the Adani Group.
(Reporting by Chris Thomas in Bengaluru)
