Sensex, Nifty Fall For Third Session In A Row As IT Shares Drag
“Sensex and NSE Nifty 50 Indexes fell for a third straight session as information technology heavyweights came under selling pressure.”
The S&P BSE Sensex and NSE Nifty 50 Indexes fell for a third straight session as information technology heavyweights like Tata Consultancy Services, Infosys and HCL Technologies came under selling pressure. For most part of the day, the benchmarks traded firmly higher but gave up gains in last 30 minutes of trade after IT stocks extended decline and fast moving consumer goods shares like Hindustan Unilever came under selling pressure ahead of March quarter earnings.
ITC, the country’s largest cigarette maker also declined in trade. However, the losses were capped as banking shares witnessed buying interest.
The S&P BSE Sensex ended 0.05 per cent or 18 points lower at 38,963 and the NSE Nifty 50 Index dropped 0.11 per cent or 13 points to settle at 11,712.
Twelve of 19 sector gauges compiled by BSE ended higher. A gauge of IT shares was worst hit in today’s trade as it fell nearly 2 per cent after the US-based Cognizant Technology Solutions Corp on Thursday nearly halved its 2019 revenue expectations after missing first-quarter results, as the IT services and outsourcing company faces sluggish demand in its financial and healthcare businesses.FMCG, healthcare and metal indexes also ended lower.On the flipside, S&P BSE Realty Index was top gainer, up 1.56 per cent. Telecom, finance and bankex indexes also closed with a positive bias.
Mid- and small-cap shares witnessed a mild selling pressure as the S&P BSE MidCap and S&P BSE SmallCap Indexes fell 0.1 and 0.3 per cent each respectively.
Tata Consultancy Services was top Nifty loser, down 3.54 per cent at Rs. 2,137. Britannia Industries, Tech Mahindra, Adani Ports, Hindustan Unilever, Zee Entertainment, HCL Technologies and Indian Oil were among the losers.
On the other hand, Indiabuls Housing Finance was top gainer in the Nifty 50 basket of shares, up 4.15 per cent at Rs. 702. Bharti Airtel, NTPC, ICICI Bank, Yes Bank, Tata Motors, Bharti Infratel and ONGC were also among the gainers.
The overall market breadth was negative as 1,479 shares closed lower while 1,036 ended higher on the BSE.
Sensex Off Day’s High, Nifty Holds 11,700; IT Stocks Fall
“Stock Market: Fourteen out of 19 sector gauges compiled by BSE were trading higher led by the S&P BSE Telecom Index’s 1.4 per cent gain.”
Domestic equity benchmarks (share markets) came off intraday high levels as selling pressure in information technology stocks deepened with Tata Consultancy Services, Infosys and HCL Technologies being the top drags on the S&P BSE Sensex. However, buying in HDFC, Reliance Industries, HDFC Bank, ITC and Axis Bank helped Sensex and Nifty stay in the positive territory.
As of 12:04 pm, the Sensex traded 0.28 per cent or 108 points at 39,090 and the NSE Nifty 50 index 0.19 per cent or 22 points at 11,747.
Fourteen out of 19 sector gauges compiled by BSE were trading higher led by the S&P BSE Telecom Index’s 1.4 per cent gain. Realty, power, bankex and auto indexes also rose between 0.7 and 1 per cent each.
On the flipside, S&P BSE Information Technology Index was top loser, down 1.4 per cent.
Tata Motors was top gainer in the Nifty 50 basket of shares, 2.17 per cent at Rs. 212. NTPC, Bharti Infratel, Kotak Mahindra Bank, Bharat Petroleum, Yes Bank, Hero MotoCorp and ONGC were also among the gainers.
On the other hand, TCS, HCL Technologies, Tech Mahindra, Britannia Industries, Wipro, Hindustan Unilever, Wipro, Zee Entertainment and Dr Reddy’s Labs were among the laggards.
Sensex Jumps Over 100 Points, Nifty Moves Above 11,750 Mark
Domestic stock markets started Friday’s session on a higher note, after two days of losses. The S&P BSE Sensex index rose as much as 142.42 points to 39,123.85 in early trade, and the broader NSE Nifty moved to 11,759.95, up 35.2 points from the previous close. Gains in banking, financial services and energy stocks supported the markets, however weakness in information technology stocks kept the upside in check. At 9:47 am, the Sensex traded 90.88 points higher at 39,072.31, while the Nifty was up 13.55 points at 11,738.30.
Tata Motors, Bharti Infratel, Bharti Airtel, ONGC and Maruti Suzuki India, trading between 1.25 per cent and 2.56 per cent higher, were the top gainers on the 50-scrip index at the time.
HDFC, ICICI Bank and Reliance Industries contributed the most to the advances on Sensex.
India’s economy appears to have slowed down slightly in 2018-19, the Department of Economic Affairs said in its economic report for March. The factors responsible for this slowdown include declining growth of private consumption, tepid increase in fixed investment, and muted exports, it noted.
In the report released on Thursday, the department also said the current account deficit as a percentage of GDP is set to fall in the fourth quarter of financial year 2018-19, which will limit the leakage of growth impulse from the economy. GDP growth is expected to be around 6.5 per cent in the fourth quarter, and 7 per cent for FY19, while fiscal deficit is seen at 3.4 per cent of GDP, it noted.
Equities in other Asian markets were subdued amid light trading volumes with the China and Japan markets still closed for holidays. Australia’s benchmark index was last up 0.2 per cent, New Zealand shares were off 0.5 per cent while South Korea’s KOSPI slipped 0.3 per cent.
Overnight on Wall Street, major indexes gave up initial gains and closed in the red, weighed down by energy shares.
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