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Indian Shares Pare Losses as BargainHunting Halts Slide

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BENGALURU Reuters Indian shares pared early losses on Friday, as investors gauged results from software services giant Tata Consultancy Services TCS, while some bargain hunters bought into equities after the indexes were set to post weekly losses of around 0.2.

By 0458 GMT, the bluechip NSE Nifty 50 index was down only 0.13 at 15,707.70, after falling as much as 0.61. The benchmark SP BSE Sensex pulled back from a decline of 0.65 and was down 0.17 at 52,478.58.

The broader Nifty 50 index is trading below its 21day moving average, signalling an impending downward trend in the market.

Indian markets have been trading in a tight range for the last couple of days. They opened lower today and that has attracted some bargainhunting, said Anand James, chief market strategist at Geojit Financial Services.

Markets are trying to limit losses with some sporadic buying and we are seeing some stability return, he added.

Major lenders HDFC Bank and ICICI Bank slid 0.9 and 0.8, respectively, and were the top drags on the Nifty Bank index that fell 0.9.

The Nifty Auto index extended losses, falling 0.54. For the week so far, it shed 2.52.

Among global markets, Asian shares hit a twomonth low as the global spread of the Delta variant of COVID19 left investors worried of a stalled worldwide economic recovery. MKTSGLOB

Software services heavyweight Tata Consultancy Services shares fell as much as 1.5 after the company reported a 29 jump in Junequarter net profit on Thursday….

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