Sensex, Nifty End Modestly Lower; IT Stocks Rally Across The Board

(RTTNews) - Indian shares ended Monday's session slightly lower despite positive cues from global markets amid signs of easing inflation in the U.S. and hopes of an uptick in Chinese demand.

Investors ignored official data showing that India's wholesale price inflation (WPI) slipped below the 5 percent mark for the first time since February 2021.

WPI inflation fell to an almost two-year low of 4.95 percent in December due to cooling food and crude prices, according to a statement issued by the Ministry of Commerce and Industry.

The benchmark S&P BSE Sensex dropped 168.21 points, or 0.28 percent, to 60,092.97 while the broader NSE Nifty index settled 61.75 points, or 0.34 percent, lower at 17,894.85.

Maruti Suzuki India, JSW Steel, Hindalco, Axis Bank and Adani Enterprises fell 1-3 percent in the Nifty pack, while IT stocks gained across the board.

Tech Mahindra topped the gainers list to climb more than 3 percent after announcing a global strategic collaboration with Microsoft. TCS, Wipro, Infosys and HCL Technologies all rose over 1 percent.

GPT InfraProjects jumped nearly 6 percent after it won a Rs 216-crore contract from Maharail Maharashtra Rail Infrastructure Development Corporation.

Bank of Maharashtra surged 4.7 percent on posting robust earnings for the December quarter.

Rattan India Enterprises soared almost 15 percent on heavy volumes after the acquisition of electric motorcycles maker Revolt Motors.