Indices recover in last hour to close off lows; Nifty below 10800

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Mumbai, Jan 11: A weak day of trade, courtesy of fall in shares of Tata Consultancy Services (TCS) ensured that equities had a negative end to the week. The Nifty gave up 10,800-mark.
Mixed global cues and a weaker rupee also weighed on indices.
Steady global cues in the morning ensured that the market had a positive start. However, there was a decline in majority of indices, led by losses in TCS. This pushed the indices further lower.
However, a rebound in last hour of the trade helped the market trim losses. While the Nifty has ended below 10,800, the recovery helped in regaining 10,750-mark.
All sectoral indices, barring consumption, have ended in the red. The Nifty FMCG index ended nearly a percent higher. Weakness was visible among midcap names as well, with the Nifty Midcap closing with losses of one-fifth of a percent.
At the close of market hours, the Sensex was down 96.66 points or 0.27% at 36009.84, while the Nifty was down 26.60 points or 0.25% at 10795.00. The market breadth was negative as 1180 shares advanced, against a decline of 1403 shares, while 169 shares were unchanged.
ITC, Infosys, and UPL were the top gainers, while IndusInd Bank and Tata Motors lost the most.
Stocks in the News
Share price of Tata Consultancy Services (TCS) was down 2 percent on the back of Q3 numbers announced by the company on January 10.
Shares of Himachal Futuristic Communication (HFCL) gained 7 percent as company won orders worth Rs 502 crore.
Shares of Bandhan Bank fell 4 percent after research house Macquarie downgraded the stock to underperform with a target at Rs 400 per share.
Share price of Welspun Enterprises rose 2 percent after company’s subsidiary entered into concession agreement with Public Works Department, Government of Maharashtra.
ITC shares gained 2 percent after global brokerage house CLSA retained buy call on the stock and raised price target to Rs 400 from Rs 390 earlier due to unchanged in tobacco taxes. It implies more than 38 percent potential upside from Thursday’s closing levels.
Praj Industries shares rallied 10 percent after the company expanded its bio-energy basket by adding compressed bio-gas (CBG) technology.