Sensex, Nifty Slightly Lower In Lackluster Trade

(RTTNews) - Indian shares fell slightly in early trade on Monday as trading resumed after a long holiday weekend.

Investors are keeping an eye on rupee, which opened lower today after Federal Reserve Bank of St. Louis President James Bullard said that policymakers should consider raising interest rates at their next meeting.

The benchmark BSE Sensex reversed early gains and traded down about 44 points or 0.17 percent at 25,293 while the broader Nifty index was down 11 points or 0.15 percent at 7,705.

Markets traded mostly higher elsewhere in China, Japan and South Korea after a report showed the U.S. economy grew faster than previously thought in the final months of last year.

IDBI Bank shares fell almost two percent. The employees and workmen of the state-run bank will be going on a four-day strike starting today.

Natco Pharma shares slumped 8 percent. The company said it has received minor observations by the U.S. FDA following recent inspections at its two facilities.

GMR Infrastructure advanced 1.7 percent. The debt-laden firm has entered into an agreement with its partners to divest 51 percent stake in its joint venture running a road project in Karnataka.

Jet Airways rose half a percent after commencing operations to Amsterdam.

Shree Cements gained 1.5 percent on reports it is ramping up capacity by another 10 million tons.

Kesoram Industries jumped 6 percent. The company has decided to hive off its rayon business to an unlisted company for an estimated Rs 480 crore.

IT stocks traded higher, with Infosys and TCS rising over 1 percent each.

SBI traded marginally higher after announcing it would open a dedicated "China desk" for potential investors.