BENGALURU: Indian shares began the truncated week on a tepid note, weighed by technology shares, with investors focusing on earnings from Tata Consultancy Services later in the day that will kick off the March-quarter corporate results season.

The NSE Nifty 50 index was down 0.39% at 17,715, as of 0455 GMT, while the S&P BSE Sensex fell 0.5% to 59,167.26 “We are seeing good amount of selling in information technology stocks as people are anticipating that Europe growth for the companies may be hampered by the Ukraine crisis,” said Saurabh Jain, assistant vice president at SMC Securities.

Jain also said rising inflation is causing a shift from growth stocks such as IT to value stocks such as real estate and financial services. The Nifty IT index, which is down more than 9% so far this year, fell 1% on Monday.

IT behemoth Tata Consultancy Services rose 0.5% ahead of its earnings announcement.

TCS’ announcement puts the focus on India’s month-long corporate results season, and investors will eye improvement in margins and the impact of surging inflation on their results.

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Meanwhile, the Nifty 50 index has recovered 13% since hitting seven-month lows in March “An important factor supporting the market is the sustained flow into domestic equity mutual funds.

This new trend of domestic money outsmarting foreign capital is likely to be a major determinant of trends, going forward,“ V K Vijayakumar, chief investment strategist at Geojit Financial Services, said.

Among individual stocks, Ruchi Soya Industries rose 5.6% after saying late on Friday it had repaid all of its loans to lenders.

In broader Asian markets, stocks slipped ahead of a week packed with central bank meetings and US inflation data.

Indian markets will be closed on Thursday and Friday for public holidays.