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India Shares Edge Lower on Tech Losses; Auto Stocks in Focus

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BENGALURU Reuters Indian shares inched lower on Thursday as heavyweight information technology stocks weighed, with investors focused on automakers as they release sales numbers for June.

By 0453 GMT, the bluechip NSE Nifty 50 index fell 0.04 to 15,715.65 and the benchmark SP BSE Sensex slipped 0.09 to 52,436.88.

Both indexes gained about 1 in June, helped by declining COVID19 cases, easing of pandemicinduced restrictions and a surge in vaccinations.

It is still a buyondips kind of market, and I dont see any bearish sentiments yet. All the positives extensive vaccinations, declining COVID19 cases and strong Marchquarter earnings are already factored in. So, there is no trigger for a sharp rally, said Gaurav Garg, head of research at CapitalVia Global Research in Mumbai.

The Nifty IT index fell 0.56 after rising on Wednesday.

The Nifty Auto index was among the top gainers among subindexes, rising 0.71.

Bajaj Auto added 2 after posting higher sales for June, compared with a year ago. Mahindra and Mahindra climbed 1 ahead of its sales data. Both stocks were the top two percentage gainers on the Nifty 50.

Drugmaker Zydus Cadila said it applied to Indias drug regulator for emergency use approval of its COVID19 vaccine, which showed a 66.6 efficacy against positive cases in an interim analysis. Cadilas stock was down as much as 1.6.

Telecom operator Vodafone Idea fell as much as 14.6 after the companys Marchquarter loss widened and revenue fell, compared with the…

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