MUMBAI: Indian shares fell on Thursday, weighed down by losses in IT stocks after Tech Mahindra missed quarterly revenue estimates, while uncertainty over US Federal Reserve Chair Jerome Powell’s tenure led to caution among investors.
The Nifty 50 fell 0.4% to 25,111.45, while the Sensex lost 0.45% to 82,259.24. The Nifty is down 0.15% so far this week.
The broader, more domestically focussed smallcaps and midcaps fell 0.1% and 0.2% respectively.
Citi downgraded Indian equities to “neutral” from “overweight”, citing stretched valuations.
Asian markets were muted as uncertainty over the future of Fed Chair Powell raised concerns about US monetary policy and capital flows into emerging markets.
India’s IT companies lost 1.4% on the day, making them the top sectoral losers. Tech Mahindra fell 2.8% after reporting a marginally lower-than-expected revenue a day earlier.
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