By RTT News, October 24, 2013, 07:40:00 AM EDT
(RTTNews.com) - Indian shares erased early gains to end modestly lower on Thursday, with IT stocks pacing the declines. Wipro slumped 4.3 percent, TCS dropped 2.5 percent and Infosys declined half a percent.
Market heavyweight Reliance Industries erased early gains to end 1.3 percent lower, Coal India shares tumbled over 3 percent, Jindal Steel retreated 1.9 percent and Hindalco lost a percent.
Among the prominent gainers, Tata Motors, HDFC Bank, Gail India, Larsen & Toubro and Mahindra & Mahindra rose 1-2 percent.
The benchmark BSE Sensex rose over a percent to hit a near three-year high of 21,039 early in the session before reversing direction to end lower for the third consecutive session. The Sensex closed down 42 points or 0.2 percent at 20.725.
The broader Nifty index shed 14 points or 0.23 percent to finish at 6,164, after rising as much as 1.3 percent in the morning. The rupee was last trading firm at 61.39 per dollar.
Cement maker Ambuja Cements fell 1.2 percent and ACC edged down marginally on disappointing quarterly results. Jet Airways declined 2.2 percent after the airline reported its highest-ever loss of Rs. 891 crore for the September quarter, mainly due to a steep fall in the rupee, slowdown in the aviation market and rising fuel costs.
NHPC shares plunged 5.4 percent to Rs.18.55 after its board approved a share buyback of up to 10 percent of it fully paid up equity shares at a price of Rs. 19.25 per shares through tender offer.
On the global front, the other Asian markets recouped most of their early losses to end broadly higher, after a survey of Chinese manufacturing signaled the world's second-largest economy is picking up steam following last year's slowdown.
The markets in China and Hong Kong, however, ended in the red on concerns the world's second-largest economy may grow at a slightly slower pace in the fourth quarter amid a further hike in money-market rates Thursday.
European stocks were higher in early trading despite mixed economic reports out of the euro zone.
For comments and feedback: contact firstname.lastname@example.org