Sensex, Nifty off day’s high; Tata Motors, ONGC stocks drag
Benchmark equity indices extended gains in afternoon trade led by technology and pharma stocks.
Equity benchmark indices was trading higher, but is off its day’s high. Technology and banking and financials stocks continued to lend support to the market while the selling in ONGC and Tata Motors capped gains.
Today, IT stocks surged on the back of a weak rupee. Infosys Ltd and Tata Consultancy Services Ltd were trading higher by 3% each.
At 2:15 PM, the BSE Sensex at 34,508 was up by 163 points, while NSE Nifty at 10,643 was higher by 33 points.
However, both BSE Midcap and the BSE Smallcap were lower by 0.14% and 0.01%, respectively.
Most telecom shares declined. Tata Teleservices (Maharashtra) (+4.74%), Bharti Airtel (+2.17%), Idea Cellular (+1.10%) and Reliance Communications (+1.05%), edged higher. MTNL was down 0.62%.
Jet Airways (India) Ltd, the country’s second-largest airline by market share, hit its lowest since February 2017 on weak quarterly results.
Shares of DMart zoomed 6% after nearly 1% or 5 million equity shares of the company changed hands through multiple block deals.
Sun Pharma (+3.5%), Infosys (+3%), TCS (+2.9%), Bharti Airtel (+2.6%) and HCL Tech (+2%) were the top gainers.
Tata Motors (-6.3%), ONGC (-4.2%), Grasim (-2.4%), Vedanta (-1.8 %) and HPCL (-1.6%) were the top losers.
Out of 2,047 stocks traded on the NSE, 859 advanced, 821 declined and 367 remained unchanged today.
Tata Motors stock dropped 6.5% after Q4FY18 numbers. Higher raw material and operating expenses put pressure on EBITDA margins, which have contracted yoy in 5 out of the past 8 quarters.
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