Sensex, Nifty off day’s low; PSU Bank, IT stocks drop
Benchmark indices trading mildly higher amid consolidation and weakness in Asian stocks. Auto, infra, select bank stocks and Reliance Industries supported the market, while technology stocks were under pressure after HCL Tech numbers.
The stock market opened higher backed by auto sales data, strong GST collection data and ahead of US Federal Reserve’s policy.
At 12:10 PM, the BSE Sensex was trading at 35,220, up 59 points, while the Nifty50 index was trading at 10,745, up mere six points.
The BSE Midcap was down by 0.19% and the BSE Smallcap indices was up 0.11%.
HCL Tech stock fell nearly 3%. The company’s PAT grew by 1.5% qoq to Rs2,227cr against consensus estimate of Rs2,252cr. Revenue in Rupee terms grew by 2.9% qoq to Rs13,179cr, which is in-line with consensus estimate of Rs13,202cr. US revenue grew by 2.5% qoq to $2,038mn.
Bajaj Auto stock rose over 2% after it announced its auto numbers. The company reported 26% yoy sales volume growth in April 2018, led by commercial vehicles (CV). Motorcycle volumes were up 19% yoy on a weak base of April 2017 (up less than 1% yoy).
Tata Motors stock rose 1.5% after the company registered a growth of 86% in auto sales for April at 53,511 units as against 28,844 units over last year due to the continued strong sales performance of its commercial and passenger vehicles business in the domestic market.
Cipla stock advanced 1% after the pharma company has announced that it has received USFDA approval for Phenylephrine HCL Injection and Exemestane 25mg Tablets.
NBCC stock rose 1% after the company bagged orders worth Rs2,000cr.
Kotak Mahindra Bank (+3.2%), Zee (+2.3%), Bajaj Auto (+2.2%), Cipla (+1.5%) and Tata Motors (+1.5%) were the top gainers on Nifty50.
HCL Tech (-2.6%), Vedanta (-2.3%), ICICI Bank (-2.1%), Coal India (-1.7%) and SBI (-1.4%) were the top losers in today’s trade.
Out of 2,033 stocks traded on the NSE, 790 advanced, 841 declined and 402 remained unchanged today.
A total of 80 stocks registered a fresh 52-week high in trade today, while 95 stocks touched a new 52-week low on the NSE.
Asian equities held steady on Wednesday, while the dollar traded near a four-month high as investors await the Federal Reserve’s upcoming policy statement for clues on the future pace of US monetary tightening.
The Indian rupee opened weaker, but soon rebounded and was trading little changed against US dollar.
Source url: https://www.indiainfoline.com/top-news