(RTTNews) - Indian shares were subdued in early trade on Monday, tracking weak cues from Asian markets after New York Fed President John Williams pushed back against market bets of multiple rate cuts next year, reiterating the U.S. central bank remains focused on bringing inflation down to its 2 percent target.
The benchmark S&P BSE Sensex slipped 132 points, or 0.2 percent, to 71,351 while the broader NSE Nifty index was down 22 points, or 0.1 percent, at 21,434.
Zee Entertainment Enterprises tumbled 3 percent after it sought an extension in the December 21, 2023 deadline of its proposed merger with Culver Max Entertainment.
SJVN also lost about 3 percent after reports that it is discussing a collaboration with France's official development agency AFD to set up solar projects in India.
United Spirits dropped 1.3 percent as it received a Rs 365.33 crore claim from one of its existing national institutional customers.
Bank of Maharashtra rose 1.3 percent and UCO Bank jumped 4 percent while Bank of India and Union Bank of India fell 1-3 percent on reports of a possible merger between them.
Tata Power Company added 1.4 percent on securing a contract worth Rs. 418 crores from NTPC.
Mazagon Dock Shipbuilders advanced 2.6 percent after it signed a deal valued at approximately $42 million for three hybrid vessels.
Lupin rallied 3 percent on securing the U.S.FDA approval for Allopurinol tablets.
