Indian shares edge lower as IT stocks weigh; HDFC gains on upbeat earnings

The blue-chip NSE Nifty 50 index fell 0.2% to 14,405

  
People walk past at a screen displaying India's Finance Minister Nirmala Sitharaman before the budget, on a facade of the Bombay Stock Exchange (BSE) building in Mumbai, India, February 1, 2020. Image used for illustrative purpose.

People walk past at a screen displaying India's Finance Minister Nirmala Sitharaman before the budget, on a facade of the Bombay Stock Exchange (BSE) building in Mumbai, India, February 1, 2020. Image used for illustrative purpose.

REUTERS/Francis Mascarenhas

BENGALURU: Indian shares inched lower on Monday, as information technology shares extended fall after hitting record highs, while HDFC Bank shares rose after strong quarterly results.

The blue-chip NSE Nifty 50 index fell 0.2% to 14,405 and the benchmark S&P BSE Sensex .BSESN was down 0.2% at 48,959.66 by 0349 GMT.

The Nifty IT index fell nearly 1%.

HDFC Bank shares rose 1.7% after India's top private sector lender reported 18% jump in December quarter profit on Saturday.

Shares of Dewan Housing Finance Corp rose 5% after the company's creditors voted in favour of a 372.5 billion rupees ($5.09 billion) takeover bid submitted by the Piramal Group for the troubled "shadow" lender on Friday. 

(Reporting by Nallur Sethuraman in Bengaluru; Editing by Rashmi Aich) ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))

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