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Aug 28, 2012, 03.13 PM IST
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.
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%.
Indian shares extended downward journey amid choppy trade, weighed down by metals, auto, capital goods, banks and oil & gas stocks. Majorly stocks related to companies, which involve in the list of coal scam disclosed by the Comptroller and Auditor General last week, have been witnessing selling pressure.
The BSE Sensex and NSE Nifty remained lacklustre since early trade as the buying in capital goods, metals and private banks counterbalanced the fall in fast moving consumer goods, technology, healthcare and power stocks.
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