Sensex, Nifty Edge Lower As Metal Stocks Drag

Indian shares opened lower on Monday, with metal stocks suffering heavy losses after iron ore prices fell below for the first time in more than a year.

The benchmark S&P BSE Sensex slid 170 points, or 0.3 percent, to 58,846 in early trade, while the broader NSE Nifty index was down 60 points, or 0.4 percent, at 17,524.

Hindalco, JSW Steel and Tata Steel tumbled 3-5 percent in the Nifty pack, while IT stocks such as TCS, HCL Technologies and Tech Mahindra were up 1-2 percent.

Dish TV India rallied 2 percent after it sought an extension of time for holding the annual general meeting of the company.

Lupin lost about 2 percent on news it received 7 observations from the U.S. health regulator for its Goa facility.

Welspun India dropped half a percent. The company said it plans to invest around Rs 800 crore on capacity expansion over the next two years.

Bajaj Holdings & Investment jumped 3.5 percent after it declared an interim dividend of Rs 90 per equity share of Rs 10 each.

Kitex Garments soared 5.6 percent after it signed a pact with the Telangana government for setting up two integrated fibre to apparel manufacturing clusters.

Rail Vikas Nigam surged 4.2 percent on bagging on order for Indore Metro Rail project.

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