Indian stocks slide on tech weakness; DreamFolks rise first.

Bombay Stock Exchange (BSE) overview after the Sensex crossed the 50,000 mark for the first time, in Mumbai, India, on January 21, 2021. REUTERS/Francis Mascarenhas

BENGALURU, Sept 6 (Reuters) – Indian stocks reversed course on Tuesday, paring losses in technology stocks, with airport services aggregator DreamFox Services surging 68% in early trade.

The NSE Nifty 50 index (.NSEI) was up 0.39% at 17,597.45, while the S&P BSE Sensex (.BSESN) was down 0.4% at 59,011.56 by 0458 GMT.

Mayuresh Joshi, head of equity research at William O’Neill & Co. in India, said: “Markets will be regionally correlated with a focus on global macros and oil, with near-term triggers all taking place for this quarter.”

Oil prices fell on Tuesday after a 3% gain in the previous session, as the OPEC+ agreement to cut output in October was seen as a major symbolic step to stem the market’s recent slide, while Asian shares rose after China pledged renewed efforts. It will boost the sagging economy.

In Mumbai, the Nifty IT index (.NIFTYIT) was among the worst performing sub-indexes, down 0.8% to a more than one-week low. Infosys ( INFY.NS ) fell 1%.

Reliance Industries ( RELI.NS ) gained 1.1% after it said it would take a 79.4% stake in California-based solar energy software developer SenseHawk. Read more

Apollo Hospitals Enterprise (APLH.NS) rose as much as 2.9 percent to gain the top percentage on the Nifty 50.

DreamFolks Services ( DREM.NS ), India’s largest airport services aggregator, rose 68.4 percent in early trade. Shares rose to 549 rupees, compared to the price of 326 rupees. Read more

Kalpataru Power Transmission ( KAPT.NS ) jumped 8.5% to post its biggest daily gain in more than a year on heavy volumes after the company won an order worth $168 million.

New Delhi Television ( NDTV.NS ) slipped 5% after rising more than 50% in the past nine sessions.

Reported by Chris Thomas in Bengaluru

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