November 22, 2019 / 4:52 AM / 13 days ago

Indian shares tread lower dragged by IT stocks

BENGALURU, Nov 22 (Reuters) - Indian equities edged lower on Friday, dragged by information technology stocks, even as Asian shares recovered from a three-week low though concerns over trade negotiations between China and the United States lingered.

The NSE Nifty 50 index fell 0.13% to 11,953.25, while the S&P BSE Sensex was down 0.11% at 40,529.59.

MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.12% after China said it was willing to work with the United States to resolve core trade concerns.

China’s statement came after worries that a “phase one” trade deal between the world’s two largest economies might not occur until next year weighed on investor sentiment on Wall Street overnight.

In the domestic market most sub-indices on the Nifty traded lower.

“The market has been heated up significantly trading at historically high levels, but there has been no topping growth if we look at fundamentals” said Dharmesh Kant, head of retail research at Indianivesh.

“This is more or less an indecisive kind of a market.”

The Nifty IT index led losses as it fell nearly 2% as the rupee firmed 0.05% against the U.S. dollar.

IT heavyweight Infosys dropped nearly 3%, while shares of India’s second-most valuable company Tata Consultancy Services shed 1.8%.

State-owned thermal power producer NTPC Ltd was up 3.08% and topped the gainers list on the Nifty index.

The Nifty Media index rose 1.38% led by Network 18 shares, which rose over 10% for a second consecutive day on reports of its deal talks with Japanese media giant Sony Corp.

Energy stocks too were trading in the black, with the Nifty Energy index rising 1.3%. (Reporting by Derek Francis in Bengaluru; Editing by Shailesh Kuber)

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