Sensex tumbles in opening trade, 265 pts lower at 54,217; Nifty down at 16,134


Agencies | | Posted by Sharmita Kar

Indian shares fell on Monday, dragged by technology companies after top IT services provider Tata Consultancy Services missed estimates for June-quarter profit.

The NSE Nifty 50 index was down 0.4% at 16,153.05, as of 0348 GMT, while the S&P BSE Sensex fell 0.42% to 54,250.60.

Shares of TCS fell 2.3%, after it missed quarterly profit estimates by a wide margin as employee-related expenses soared. The index heavyweight also pulled down tech index by 2%.

D-Mart owner Avenue Supermarts jumped 2.9% after reporting strong quarterly results.

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

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