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Indian Shares Modestly Lower In Early Trade

Indian shares edged lower in early trading on Monday, mirroring weak Asian cues as worries over Spain's soaring bond yields, concerns about slowing demand from China and weaker than expected data on U.S. consumer confidence undermined investor appetite for riskier assets. Meanwhile, investors await March inflation numbers for clues to more monetary easing.

Trading in a narrow range, the benchmark 30-share Sensex is currently at 17,050, down 44 points or 0.26 percent from its previous close, with 20 of its components retreating. The broader Nifty index is down 11 points or 0.21 percent at 5,196, while the BSE mid-cap and small-cap indexes are rising 0.6 percent and 0.7 percent, respectively.

Coal India is down 0.7 percent on reports that U.K.-based hedge fund TCI would initiate a legal action against the state-run company within a week for failing to protect the interest of minority shareholders. Infosys is little changed after plunging 13 percent in the previous session. Rival TCS is declining 0.8 percent and Wipro is down 1.2 percent.

Private sector bank HDFC Bank is edging down 0.2 percent as the private sector lender unveils its FY12 results on Wednesday. However, ICICI Bank is rising 0.6 percent and SBI is gaining 1.8 percent ahead of RBI's rate-setting meeting tomorrow.

Aviation stocks are gaining ground after oil retailers cut jet fuel prices. Kingfisher is adding half a percent, Jet Airways is gaining a percent and SpiceJet is rallying 4.3 percent. Parsvnath Developers is climbing 6.2 percent on reports that Sahara, ICICI and Bhushan Steel are in fray to buy its land in Delhi.

by RTT Staff Writer

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