Indian Shares Decline On Inflation, Rate Worries
(RTTNews) - Indian shares were sharply lower in early trade on Monday as Middle East tensions persisted, and upbeat U.S. jobs data stoked inflation and interest rate worries.
The benchmark BSE Sensex tumbled 527 points, or 0.7 percent, to 73,714 while the broader NSE Nifty index was down 167 points, or 0.7 percent, at 23,199.
Among the prominent decliners, Bajaj Finance, Mahindra & Mahindra, Eternal and Indigo all fell around 2 percent.
Rajesh Exports slumped 5 percent to extend recent losses after reports the government will remove the company from the list of beneficiaries under the PLI scheme for advanced chemistry cell battery storage.
Tata Motors fell nearly 2 percent after announcing it would continue investing in electric and hydrogen-based technologies for commercial vehicles.
Tata Steel shares dropped 1.3 percent. The company has warned that its plans for a £1.25bn electric steel-making furnace in Port Talbot may be delayed for up to eight months due to problems with electrical connectivity.
Andhra Cements soared 8 percent after announcing a merger with its holding company Sagar Cements.
Zee Entertainment Enterprises gained about 1 percent on fund raising reports.
Oil India climbed 1.2 percent after announcing its second natural gas discovery in the Andaman offshore region.
