Sensex, Nifty Marginally Lower In Early Trade
(RTTNews) - Indian shares were subdued in early trade on Friday as investors reacted to mixed headlines on the trade front and a diplomatic row over the Hong Kong protests.
Domestic growth worries lingered as ratings agency ICRA said it expects further deterioration in India's GDP growth rate in Q2 due to subdued domestic demand and weak investment activity.
The benchmark S&P BSE Sensex dropped 25 points to 40,549 while the broader NSE Nifty index slipped 17 points to 11,951.
Zee Entertainment Enterprises fell nearly 1 percent. Founder Subhash Chandra retained control of the country's largest listed television network after a clutch of institutional investors bailed out the promoters by buying a 15.7 percent stake in the company.
Tata Power Company edged up half a percent after it raised Rs 1,500 crore by issuing non-convertible debentures.
Tata Motors dropped around 1 percent. Jaguar Land Rover's chief executive told Reuters he is open to more alliances to lower the costs.
IT stocks were moving lower, with TCS, HCL Technologies, Tech Mahindra, Wipro and Infosys losing 1-2 percent.
RITES tumbled 3 percent after the government proposed to sell 2.50 crore shares representing 10 percent of the total paid-up equity capital of the company via an offer for sale.
Heavyweight Reliance Industries rallied 1.5 percent amid the buzz that Sony Corp. is in talks to acquire a stake in the Indian television network controlled by billionaire Mukesh Ambani.
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