Indian Shares Subdued In Early Trade; IT Stocks Bounce Back After Recent Sell-off

Indian shares were subdued on Tuesday even as information technology stocks bounced back from their recent string of losses on AI disruption fears.

The benchmark BSE Sensex was down 68 points at 83,209 in early trade, while the broader NSE Nifty index slipped 49 points to 25,634.

KWIL, which made its stock market debut on February 16 following the demerger of the ice cream business from Hindustan Unilever, lost about 4 percent and Eternal fell 2.8 percent.

Reliance Industries, Kotak Mahindra Bank, ICICI Bank and Tata Steel all were down around 1 percent.

IT stocks bounced back after recent string of losses, with Infosys climbing nearly 3 percent and Tech Mahindra rising 1.4 percent.

Cochin Shipyard soared 5 percent after it emerged as the lowest bidder for a Rs. 5,000 crore Navy vessel contract.

Texmaco Rail jumped 9.5 percent on bagging a Rs. 219.18 crore contract from Mumbai Railway Vikas Corporation.

Highway Infrastructure skyrocketed 7.5 percent on securing a NHAI contract worth Rs. 154.6 crore.

TVS Supply Chain Solutions climbed 4 percent after it signed a pact with an Italian company to jointly explore opportunities in India’s fast-growing aerospace and defense sectors.

Lupin rose 1.3 percent after entering into a licensing and supply agreement with Spektus Pharma.

Delhivery rallied 2.3 percent. The logistics company said that it would deploy 150 electric vehicles in collaboration with electric mobility startup RIDEV across major Indian cities.

Overnight, U.S. markets were shut in observance of Presidents’ Day.

Asian markets were mixed in thin trade, with mainland China, Hong Kong, Singapore, Taiwan and South Korea closed for the Lunar New Year holidays.

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