Indian Shares Edge Lower As IT Stocks Drag On Earnings Concerns

(RTTNews) - Indian shares were subdued in early trade on Tuesday ahead of the next round of U.S.-Iran negotiations set to take place in Doha today.

It is feared that any escalation or disruption to shipping through the Strait of Hormuz could reignite concerns over energy supplies, inflation and the outlook for interest rates.

The BSE 30-share Sensex was down 168 points, or 0.2 percent, at 76,560 while the broader NSE Nifty index slid by 49 points, or 0.2 percent, to 23,897.

IT stocks were sharply lower, with Tech Mahindra, HCL Technologies, TCS and Infosys falling 1-2 percent as attention shifted to June-quarter earnings.

HDFC Bank fell about 1 percent after it appointed former Finance Secretary Rajiv Kumar as its part-time chairman for a four-year term.

Bajaj Auto dropped 1 percent after outlining its priorities for FY27.

Yes Bank was down about 1 percent after its board approved a proposal to raise up to Rs. 16,000 crore via a mix of equity and debt issues.

SIS tumbled 3.4 percent after its board approved buying back shares worth up to Rs. 120 crore, its fifth share buyback since its listing in August 2017.

Sterling & Wilson Renewable Energy rallied 2 percent on securing a $560 million solar project order in Egypt in a joint venture with Hassan Allam Construction.