Sensex Struggles, TCS Rises Ahead Of Board Meet; Idea Soars

Indian stock markets saw a lacklustre start on Monday, dragged down by metals and auto shares, with the BSE Sensex shy of 28,500 in early deals. But the broader Nifty held on to the 8,800 mark. Domestic stocks took weak cues from mixed movements in the other Asian markets, where turnover was light with US markets closed for the Presidents Day holiday. Political uncertainty globally kept the mood cautious.

Among the top losers in Nifty50 indices were Cipla, Bosch, Hindalco Industries, HDFC Bank and ITC - down between 0.7 per cent and 1 per cent.

At 9:28 am, only 22 stocks in the 51-scrip Nifty were in the positive zone, with the remaining in the negative territory.

Some of the other laggards included Maruti Suzuki India, Tata Motors, Dr Reddy's Laboratories and IndusInd Bank.

Among the top gainers were Idea Cellular, Bharti Airtel, Zee Entertainment, GAIL India and HUL, up between 1.3 per cent and 3.3 per cent.

TCS or Tata Consultancy Services shares rose as much as 1.6 per cent ahead of a scheduled meeting of the company's board during the day to discuss a share buyback.

Other shares in focus on Monday included Havells India. The maker of lights and fans over the weekend announced its agreement to buy a unit of Lloyd Electric and Engineering Ltd, which sells air conditioners and televisions, in a Rs. 1,550-crore deal. The deal will help Havells expand its reach into the $15 billion consumer durables market in India.

Havells India shares were trading 0.7 per cent lower in early deals.

Marketmen also watched Idea Cellular shares amid weekend reports that the company's merger with British telecom giant Vodafone's India unit may be finalised within a month. Idea shares went up as much as 5.5 per cent.