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Indian shares fell in line with broader Asia on Monday after a shock contraction in Chinese exports raised fears of a sharper global slowdown, but the blow was cushioned by gains in Infosys Ltd.
The latest data disappointment in China reinforced fears that US tariffs on Chinese goods were putting a big strain on China’s already cooling economy.
Back home, shares continued trading in the red for a third straight session but Infosys helped trim losses on the index. Shares of the company climbed as much as 3.9 per cent to their highest since Dec. 17.
Larger rival Tata Consultancy Services Ltd fell 1.8 per cent to a seven-week low, extending its decline from last week.
The broader NSE Nifty fell 0.57 per cent to 10,733.40 as of 0519 GMT.
The benchmark BSE Sensex lost 0.54 per cent at 35,814.65, reports Reuters.
Housing Development Finance Corporation was the biggest drag on the Nifty. Nifty private bank index fell as much as 1.0 per cent with Axis Bank declining 1.83 per cent and ICICI Bank Ltd slipping as much as 1.4 per cent.
Shares of Avenue Supermarts tumbled as much as 9.51 per cent and were on track for their third consecutive session of losses after the company posted a dip in quarterly margin.