Indian shares slipped for a second straight session on Thursday, dragged by IT stocks, while weaker global peers amid caution about the Sino-US trade talks also weighed on investor sentiment. The benchmark BSE index closed down 0.21 percent at 35,103.14, while the broader NSE index ended 0.36 percent lower at 10,679.65.
"Sentiment has been on the lower side because of uncertainty with respect to trade talks... There's also stock-specific reaction, and IT stocks are volatile," said Anand James, chief market strategist, Geojit Financial Services. Shares of InterGlobe Aviation Ltd slumped nearly 20 percent to hit their lowest in seven months and wiped out nearly 101.13 billion rupees ($1.52 billion) in market capitalisation after it posted a 73 percent plunge in profit on Wednesday.
Biocon Ltd's shares lost as much as 5.1 percent in their biggest daily percentage loss since February 6, after its Bangalore sterile drug product facility got seven observations from US FDA and six from an European regulator. Nifty Pharma index dropped as much as 1.4 percent.
HCL Technologies Ltd continued to hurt sentiment, with the stock being the biggest drag on the NSE index. Its March-quarter profit missed analysts' estimate and weakened mood among other IT majors.