Sensex, Nifty trim losses; TCS extends gain, RIL rebounds

Indian shares pared losses due to further upmove in Tata Consultancy Services. Reliance Industries, State Bank of India and Bharti Airtel bounced back. Even the European markets cut losses; France's CAC, Germany's DAX and Britain's FTSE were flat.

The 30-share BSE Sensex declined 15.64 points to 17,663.17 and the 50-share NSE Nifty fell 7.55 points to 5,342.70. The broader markets too trimmed losses from 1.7% to 1% as more than two shares declined for every share advancing on the Bombay Stock Exchange.

India's largest software services exporter TCS rallied over 2% while its rivals Infosys and Wipro were up 1% and 0.6%, respectively.

Index heavyweight Reliance Industries was up 0.5% while State Bank of India and Bharti Airtel were flat.

Drug producer Sun Pharmaceutical Industries gained 1.5% as its subsidiary Caraco has received US FDA clearance to resume operations at its manufacturing facility and packaging sites in Detriot and Wixom, Michigan. Its rival Dr Reddy's Labs rose 1.25% while Cipla fell 0.5%.

Shares of NTPC and Tata Power moved up 1.75% and 1.55%, respectively.

Metals stocks continued to reel under selling pressure. Sterlite Industries and Jindal Steel were down 5% each. Hindalco Industries, Tata Steel and Sesa Goa fell 2-3%.

Engineering and construction major Larsen & Toubro lost over 2% and Jaiprakash Associates tanked 3.56%.