Indian stocks fall as TCS earnings weigh on tech stocks

A general view of the Bombay Stock Exchange (BSE), after Sensex broke above the 50,000 level for the first time, in Mumbai, India January 21, 2021. REUTERS/Francis Mascarenhas

BENGALURU, July 11 (Reuters) – Indian stocks fell on Monday, dragged down by technology companies after major IT services provider Tata Consultancy Services missed June quarter earnings estimates.

The NSE Nifty 50 Index (.NSEI) was down 0.4% at 16,153.05, as of 0348 GMT, while the S&P BSE Sensex (.BSESN) was down 0.42% at 54,250.60.

Shares of TCS (TCS.NS) fell 2.3%, after missing quarterly earnings estimates by a wide margin as employee-related spending soared. The index heavyweight also dragged down the technology index (.NIFTYIT) by 2%. Read more

D-Mart owner Avenue Supermarts (AVEU.NS) jumped 2.9% after posting strong quarterly results.

Looking ahead, retail inflation data from India is due this week, with a Reuters poll showing the reading likely holding steady in June but well above the Reserve Bank of India‘s tolerance limit. for a sixth month. Read more

Reporting by Nallur Sethuraman in Bangalore; edited by Uttaresh.V

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