2 Minute Read by (Reuters) – BENGALURU (Reuters) – On Friday, Indian markets pared early losses as investors awaited results from software services behemoth Tata Consultancy Services (TCS), while some bargain hunters piled into stocks after the indices were expected to lose 0.2 percent for the week. On February 26, 2016, a broker reacts while trading at his computer station at a stock brokerage firm in Mumbai, India. REUTERS/File Photo/Shailesh Andrade After plunging as much as 0.61 percent, the blue-chip NSE Nifty 50 index was down at 0.13 percent at 15,707.70 by 0458 GMT. The benchmark S&P BSE Sensex was down 0.17 percent at 52,478.58, reversing a 0.65 percent fall. The larger Nifty 50 index is currently trading below its 21-day moving average, indicating a market downturn. “For the past few days, Indian markets have been trading in a narrow range. They started the day lower, which has enticed some bargain hunters “Geojit Financial Services’ chief market strategist, Anand James, stated. “With some sporadic purchasing, markets are attempting to contain losses, and we are seeing some stability return,” he added. The largest drags on the Nifty Bank index, which down 0.9 percent, were major lenders HDFC Bank and ICICI Bank, which plummeted 0.9 percent and 0.8 percent, respectively. The Nifty Auto index fell 0.54 percent, extending its losses. It has lost 2.52 percent in the last week. Asian stocks fell to a two-month low as the global spread of the Delta strain of COVID-19 spooked investors about a sluggish global economic recovery. [MKTS/GLOB] Heavyweight in software services Tata Consultancy Services’ stock dropped as much as 1.5 percent on Thursday after the company announced a 29 percent increase in June-quarter net earnings. Analysts, on the other hand, had forecast a profit of 93.72 billion rupees, which was somewhat higher than the company’s reported result of 90.08 billion rupees. Bharat Dynamics’ stock jumped 4.4 percent after the company was awarded a 4.99 billion rupee ($66.79 million) contract to provide the Indian Air Force with the Akash missile. 74.7100 Indian rupees = $1 Shivani Singh contributed reporting from Bengaluru, and Uttaresh.V. edited the piece./n
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