Indian shares struggle for direction; Wipro drops over 5%
Photo Credit: Reuters

Indian shares flitted between gains and losses on Thursday, with weakness in Wipro and Tata Motors countering robust moves in technology stocks after Infosys and Tata Consultancy Services reported strong third-quarter results. 

The NSE Nifty 50 index rose 0.03% to 18,215.55 by 0449 GMT, while the S&P BSE Sensex added 0.01% to 61,147.87. Still, both the indexes are up roughly 5% this year so far. 

"We had a good run in the lead up to IT results, and investors are now reviewing things; as more earnings come in, moves are going to be reactionary instead of (being) proactive," said Anand James, chief market strategist at Geojit Financial Services. 

Tech giants Infosys and Tata Consultancy Services jumped around 1.5% each. Infosys on Wednesday lifted its revenue outlook for the financial year 2022, while TCS reported a 12.3% rise in quarterly profit. 

However, rival Wipro slid 5.5% and was the top percentage loser on the Nifty 50 index after it posted a near flat net profit. 

Car maker Tata Motors slid 1.63% and was among the top drags after it said retail sales at its luxury car unit had fallen nearly 14% in the third quarter. 

Nifty's Metal index extended gains to a second session and advanced 2.5%, led by 4% rise in Tata Steel. 

Meanwhile, India recorded 247,417 new COVID-19 cases, the most since late-May. 

"We are largely more prepared, compared to earlier waves, and as such it is not taking the market by surprise. However, it could emerge as a drag on the risk appetite," James said. 

Vaccine maker Bharat Biotech said on Wednesday a booster shot of its COVID-19 vaccine neutralises both the Omicron and Delta variants of the coronavirus. 

Separately, data on Wednesday showed that India's consumer price rises in December moved closer to the upper limit of Reserve Bank of India's target. 

Leave Your Comment(s)