Indian Shares Open Lower In Cautious Trade

Indian shares were moving lower on Monday amid concerns over persistent selling by FIIs and renewed uncertainty around U.S.-India trade negotiations.

Global sentiment also remains fragile as investors continue to reduce exposure to tech stocks on valuation concerns.

The benchmark BSE Sensex was down 320 points, or 0.4 percent, at 84,946 in early trade, while the broader NSE Nifty index dipped 105 points, or 0.4 percent, to 25,941.

Among the prominent decliners, TMPV, Power Grid Corp, Bajaj FinServ and Mahindra & Mahindra fell 1-2 percent.

Dr Reddy’s Laboratories fell about 1 percent after getting five observations from the U.S. FDA for its Srikakulam facility.

Nestle India was down nearly 1 percent after naming Nitu Bhushan as its new head of human resources.

Biocon dropped half a percent. Its subsidiary Biocon Biologics has entered into a settlement and licensing agreement to market its biosimilar Aflibercept globally.

KEC International jumped 4 percent on bagging new orders worth Rs. 1,150 crore across its transmission & distribution and civil segments.

Paytm edged up slightly after injecting an additional Rs. 2,250 crore into Paytm Payments Services via a rights issue.

Bharat Electronics gained half a percent. The company said it has bagged fresh orders totaling Rs. 776 crore since its previous update on November 14.

NLC India added 1.3 percent. Its subsidiary NLC India Renewables has entered into a joint venture with PTC India to build green energy projects totaling up to 2,000 MW in a phased manner.