By Bharath Rajeswaran
BENGALURU, March 28 (Reuters) – Indian shares reversed early gains on Tuesday as caution about broader economic challenges soured sentiment, while investors waited for some key economic data due later in the week.
All the 13 major sectoral indexes declined, with the oil and gas stocks .NIFOILGAS losing nearly 1%.
Though the waning of financial troubles in key U.S. and European banking entities is providing some confidence to investors, “the overall undertone still remains that of cautious to negative,” Prashanth Tapse of Mehta Equities said.
Investors also await macroeconomic data, both domestic and in the U.S.
GDP and jobs data from the world’s largest economy is due on March 30, which could provide insight into the impact of U.S. Federal Reserve’s monetary policy action on inflation and growth.
“Sentiment will likely be negative in the short term ahead of key data,” said Harsha Upadhyaya, president and chief investment officer – equity at Kotak Mahindra Asset Management Company.
“Till corporate earnings improve, expect markets to be rangebound.”
First Citizens BancShares agreed to take on deposits and loans from failed Silicon Valley Bank on Monday, bringing some respite to global markets.
Among individuals stocks in India, shares of Paytm PAYT.NSrose nearly 3% to a one-month high. Thecompany’s Paytm Wallet is now universally acceptable on all UPI QRs and online merchants.
PNC Infratech’s shares advanced over 7% after it was declared lowest bidder for highway project worth 8.19 billion rupees. Dilip Buildcon DIBL.NSjumped over 8% after emerging as lowest bidder for order worth 7.80 bln rupees.
On the flip side, Kalyan Jewellers lost over 8% after a media report said that Warburg Pincus-owned Highdell Investment plans to sell a 2.5% stake in company through a block deal.
($1 = 82.1870 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Dhanya Ann Thoppil and Nivedita Bhattacharjee)
((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))
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