($1 = 82.0780 Indian rupees) (Reporting by Bharath Rajeswaran in Bengaluru; Editing by Dhanya Ann Thoppil and Varun H K)
(Updates closing levels)
By Bharath Rajeswaran
BENGALURU, April 19 (Reuters) - Indian shares extended
losses for the third session in a row on Wednesday, dragged by
IT stocks and the lack of any fresh triggers to offset the
downbeat sentiment after a lacklustre start to the earnings
season.
The Nifty 50 closed down 0.23% at 17.618.75, while
the S&P BSE Sensex closed 0.27% lower to 59,567.80.
Seven of the 13 major sectoral indexes declined. The
heavyweight financials stocks were little changed,
but IT stocks fell over 1.75%.
HCLTech Ltd and Infosys Ltd lost over 2%
each and were among the top Nifty losers. HCLTech will report
results on Thursday, following dire reports from market leaders
Infosys and TCS Ltd last week.
"Investors have been nervous after the dismal fourth-quarter
performance of IT companies which have reported their numbers so
far," said Prashanth Tapse, senior vice president (research) at
Mehta Equities.
Since TCS's results last Wednesday, the Nifty IT index has
tumbled nearly 8%, while the benchmark Nifty 50 has lost just
over 1%.
"The (benchmark) index has got an important near-term
support at 17,500-17,550 and resistance at 17,800 levels," said
Vaishali Parekh, vice president for technical research at
Prabhudas Lilladher.
The markets are likely to stay choppy, with earnings the
only major trigger until the U.S. Federal Reserve's interest
rate decision on May 3, two analysts said.
Among individual stocks, Piramal Pharma Ltd climbed nearly 8% after the U.S. drug regulator closed an
inspection of its Sellersville manufacturing facility.
TVS Motor Co Ltd rose over 2% to a six-month high
after CLSA said the two-wheeler maker's margin would expand in
the near term and exports recover over the next two fiscal
years.
ICICI Lombard lost nearly 5% after several
analysts cut their profit estimates on the insurer after its
quarterly report
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