BENGALURU, July 14 (Reuters) - Indian shares fell on
Wednesday as losses in banking stocks outweighed gains in
information technology (IT) companies, while investors awaited
IT major Infosys' results due later in the day.
As of 0450 GMT, the blue-chip NSE Nifty 50 index and
the benchmark S&P BSE Sensex were down 0.16% and 0.17%
at 15,786.40 and 52,681.65 points, respectively.
"Markets are down mainly on the back of profit booking today
because investors are unable to find any strong triggers
considering results season is still at its nascent stage," said
Siddharth Sedani, head of equity advisory at Anand Rathi
Financial Services in Mumbai.
"The second largest IT company (Infosys) could provide a
fresh positive trigger."
Sedani also said markets were likely to take positive cues
from the pick up in monsoons, which helps sectors such as
agriculture and agrochemicals.
India's monsoon has splashed back to life after a lull,
lifting the threat of a slowdown in planting crucial summer
Sentiment was also dampened by a fall in Asian shares as
global markets were spooked after the biggest jump in U.S.
inflation in 13 years, which stoked concerns about the Federal
Reserve exiting pandemic-era stimulus earlier than previously
In Mumbai trading, the Nifty Bank index which
closed 1.35% higher in the previous session, was down 0.5%,
while the Nifty IT index was up 1.78%.
Shares of IT services company MindTree hit record
levels after it reported a jump in consolidated net profit for
the June quarter. Larger rival Infosys was up 0.8%,
ahead of first-quarter results due later in the day, with
analysts expecting a rise in profit.
On Tuesday, S&P Global Ratings kept India's sovereign rating
unchanged at the lowest investment grade of 'BBB-', and said
recovery from the current economic slowdown depended on the
government's ability to bring in reforms that spur investment
and create jobs.
(Reporting by Shivani Singh in Bengaluru; editing by Vinay