IT stocks, foreign funds outflow drag Indian equities lower

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Market breadth was positive with 1,506 advances against 998 declines.

At 12.25 p.m, the 30-share BSE index Sensex was down 1.87 points or 0.01 per cent at 32,323.54 and the 50-share NSE index Nifty was up 5.25 points or 0.05 per cent at 10,071.65.

BSE Midcap index touched all time high of 15,631.85 to eventually end the day at 15,600.27, up 163 points or 1.06 per cent. Shares of Torrent Power, Hindustan Petroleum Corporation, Bajaj Holdings and GMR Infra surged over 5 per cent, leading the index rally.

Indian shares ended a range-bound session modestly lower on Monday as IT stocks retreated on news that Cognizant Technology Solutions is on a downsizing spree, with 400 of its senior executives reported to have accepted a voluntary separation program. "The main indices stayed in a small range of trade", Deepak Jasani, Head of Retail Research, HDFC Securities, told IANS. "European indices like FTSE 100 and CAC 40 traded higher", said Jasani.

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"Indian shares edged higher on the first trading day of fresh week, as Tata Steel rose on expectations of strong quarterly results". Shares of Tata Steel (up 4.30 per cent), SBI (up 1.75 per cent), Adani Ports (up 1.51 per cent) and ICICI Bank (up 1.13 per cent) were the top gainers on the index.

Gainers included oil & gas, PSU, realty, metal, consumer durables, FMCG, bank and capital goods.

Both the NSE index and BSE index hit record highs last week, raising concerns that factors such as positive earnings and hopes of an improving economy were already factored into prices.

Infosys was the worst performer in the Sensex pack, plunging 1.75 per cent, while TCS and Wipro also closed with losses.

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