BENGALURU, July 8 (Reuters) - Indian shares fell on
Thursday, a day after the government revamped its cabinet amid
fierce criticism of its handling of the COVID-19 pandemic, while
investors prepared for the first-quarter earnings season with
Tata Consultancy Services (TCS) set to report its results later
in the day.
The blue-chip NSE Nifty 50 index was down 0.29% at
15,833.90 by 0508 GMT, while the benchmark S&P BSE Sensex
slipped 0.26% to 52,916.30.
"With earnings season kicking in, markets might get a sense
of direction since most positive triggers had already been
factored in," said Gaurav Garg, head of research at CapitalVia
Global Research in Indore.
"IT companies are expected to announce robust earnings but
we might see some correction if there are any shortfalls in
their results as expectations from the sector are very high."
Indian Prime Minister Narendra Modi on Wednesday appointed
new federal ministers for health, IT and oil as part of a
Shares of Zomato's majority owner Info Edge (India) Ltd
rose about 2.8%. The food delivery startup will price
its 93.75 billion rupees ($1.25 billion) initial public offering
(IPO) at 72 to 76 rupees per share, with the issue set to open
for subscription from July 14 to 16.
Investors' focus is on software services heavyweight TCS'
June-quarter earnings. Analysts anticipate a rise in its
first-quarter profit as the COVID-19 crisis ramped up demand for
its digital services.
Macrotech Developers jumped 3.7% after the company
reported a surge of 88% in its first quarter pre-sales. The real
estate firm also expects to meet previously announced pre-sales
Fourteen banks in the country, including top lender State
Bank of India, were fined between 50 million and 200
million rupees on Wednesday by the Indian central bank. The
Nifty Bank index was down 0.23% at 0506 GMT.
($1 = 74.7910 Indian rupees)
(Reporting by Shivani Singh in Bengaluru; editing by