Markets end lower, Sensex slips 79 points, Nifty below 10,600; IT stocks weigh

Markets end lower, Sensex slips 79 points, Nifty below 10,600; IT stocks weigh

Mumbai, Nov 9: Among sectors, automobiles, pharmaceuticals and infrastructure were the top gainers, while energy and metal names ended in the red. There was a strong surge in the midcaps space as well, with Nifty Midcap closing over a percent higher.
Shares of information technology companies were among the top losers as the rupee appreciated further.
Yes Bank, Asian Paints, and HPCL were the top gainers, while Bharti Airtel and Infosys lost the most.
At the close of market hours, the Sensex ended down 79.13 points or 0.22% at 35158.55, while the Nifty shut down by 13.20 points or 0.12% at 10585.20. The market breadth was narrow as 1,316 shares advanced, against a decline of 1,203 shares, while 144 shares were unchanged.
Stocks in News
Bharti Airtel slipped 2 percent after Moody’s Investors Service placed company’s rating on review for downgrade, following low levels of profitability and expectation of weak cash flow.
Dredging Corporation India surged 10 percent after Union Cabinet approved strategic sale of government stake in the company to consortium of four ports.
Shares of Strides Pharma Science added 1 percent in the early trade on Friday after company entered into a strategic partnership with SUDA Pharmaceuticals.
Dr Reddy’s Laboratories slipped 2 percent as investors reacted to the news of USFDA issuing observations to the company’s Duvvada unit.
Hindustan Aeronautics (HAL) posted a huge jump in its net profit for September quarter at Rs 289.42 crore. The company had posted a profit of Rs 67.9 crore last year. The stock ended 16 percent higher.
Indian Bank reported a fall of 66.8 percent year on year in its net profit for the September quarter. The lender reported a profit of Rs 150.1 crore. A year ago, it posted a profit of Rs 451.5 crore. The stock fell 12 percent.
Shares of sugar companies surged in trade on Friday as investors bet the news that India plans to export 2 million tonnes of raw sugar to China next year. After a decade, India will next year resume exporting raw sugar to China as it eyes overseas markets to shed surplus stocks that have muted prices and created financial distress in mills.
India Cements reported a plunge of 94 percent year on year in its net profit for September quarter at Rs 1.43 crore. The company had reported a profit of Rs 23.7 crore during the corresponding quarter of last year. But good operational show helps stock end 3 percent higher.
Mphasis gained around 2 percent as investors reacted to the news of an acquisition. The IT firm acquired Stelligent Systems in an all-cash deal valued at $25 million (about Rs 175 crore).
Global Markets
European equities moved lower as they mirrored performance of the global markets. Stoxx 600 was 0.6 percent lower.

Leave a Reply

Your email address will not be published.