Sensex, Nifty Give Up Early Gains
(RTTNews) - Indian shares gave up early gains to end with modest losses on Monday, as investors adopted a cautious stance ahead of key corporate earnings announcements due this week and the first phase of 2019 general elections beginning on April 11.
A weakening rupee and continued rise in global crude oil prices also weighed on markets.
The benchmark 30-share BSE Sensex ended the session down 161.70 points or 0.42 percent at 38,700.53. The broader Nifty index dropped 61.45 points or 0.53 percent to 11,604.50.
Yes Bank, Vedanta, Bajaj Finance, IOC and Indiabulls Housing Finance fell 2-5 percent in the Nifty pack, while IT stocks were in favor ahead of earnings from TCS and Infosys due this Friday. TCS, Infosys and Tech Mahindra all ended up over 1 percent.
Ahead of the spring meeting of the World Bank and the International Monetary Fund, the World Bank said in a report that it expects India's GDP growth to accelerate moderately to 7.5 percent in fiscal Year 19-20, driven by continued investment strengthening, particularly private-improved export performance and resilient consumption.
Globally, Asian markets ended on a mixed note even as stronger than expected U.S. jobs growth as well as signs of progress in U.S.-China trade talks helped ease concerns about the global economy.
European stocks moved lower in early trade following a week of strong gains.
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