Indian shares slip on tech weakness; DreamFolks soars on debut

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

BENGALURU, Sept 6 (Reuters) – Indian shares on Tuesday reversed course to trade lower on losses in technology stocks, while airport service aggregator DreamFolks Services surged 68% in its market debut.

The NSE Nifty 50 index (.NSEI) was down 0.39% at 17,597.45, as of 0458 GMT, while the S&P BSE Sensex (.BSESN) slipped 0.4% to 59,011.56.

“Markets are going to be range-bound with focus on global macros and oil, near-term triggers are all done for this quarter,” said Mayuresh Joshi, head of equity research at William O’Neil & Co in India.

Oil prices slipped on Tuesday after a 3% gain in the previous session, as an OPEC+ deal to cut output in October was seen as a largely symbolic move to stem the market’s recent slide, while Asian shares rose after China pledged to make renewed efforts to boost its sagging economy.

In Mumbai, the Nifty IT index (.NIFTYIT) was among the worst performing sub-indexes, falling as much as 0.8% to an over one-week low. Infosys (INFY.NS) declined 1%.

Reliance Industries (RELI.NS) gained 1.1% after the company said it would acquire a 79.4% stake in California-based solar energy software developer SenseHawk for $32 million as part of efforts to boost renewable energy output. read more

Apollo Hospitals Enterprise (APLH.NS) rose as much as 2.9% to be the top percentage gainer on the Nifty 50.

DreamFolks Services (DREM.NS), India’s largest airport service aggregator, soared 68.4% in its market debut. Shares climbed to as much as 549 rupees, compared with the issue price of 326 rupees.

Kalpataru Power Transmission (KAPT.NS) jumped 8.5% to post its biggest intraday percentage rise in over a year in heavy volumes after the company won orders worth $168 million.

New Delhi Television (NDTV.NS) slid 5% after surging more than 50% over the last nine sessions amid a takeover battle between its promoters and the Adani Group.

Reporting by Chris Thomas in Bengaluru

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