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BENGALURU: Indian shares retreated on Monday on weakness in the technology sector ahead of earnings from Tata Consultancy Services that would kick off the March-quarter corporate results season.

The NSE Nifty 50 index ended 0.62% lower at 17,674.95 and the S&P BSE Sensex fell 0.81% to 58,964.57.

“We are seeing good amount of selling in information technology stocks as people are anticipating that Europe growth for the companies may be hampered by the Ukraine crisis,” said Saurabh Jain, assistant vice president at SMC Securities.

Indian shares fell for a third straight session

Jain also said rising inflation was causing a shift from growth stocks including IT to value stocks such as real estate and financial services.

The Nifty IT index, which has lost more than 9% so far this year, fell 1.4% on Monday. Sector heavyweight Tata Consultancy Services rose 0.3% ahead of its earnings announcement after market close.

TCS’ earnings mark the beginning of India’s month-long corporate results season, with investors likely to focus on the impact of surging inflation on profit margins.

After the initial market shock due to the Ukraine conflict, the Nifty 50 index has recovered 13% since hitting seven-month lows in March thanks in part to a pullback in oil prices.

“An important factor supporting the market is the sustained flow into domestic equity mutual funds … This new trend of domestic money outsmarting foreign capital is likely to be a major determinant of trends going forward,” said V K Vijayakumar, chief investment strategist at Geojit Financial Services.

Global markets were also weaker on Monday and bond yields climbed as caution gripped markets ahead of central bank meetings and U.S. inflation data.

Indian markets will be closed on Thursday and Friday for public holidays.

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