Wednesday 21 November 2018

D-Street Buzz: Nifty IT tanks 3% dragged by TCS, Infosys; PSU banks gain, RIL sheds 2%


The  Indian stock market has extended the morning loses in this afternoon session with the Nifty50 down 74 points, trading at 10,581 while the Sensex shed 310 points at 35,164.

Nifty IT since yesterday has remained the biggest drag to the market weakness, down 3 percent in this session led by Tata Consultancy Services, HCL Tech, Infosys, Mindtree, Tech Mahindra, KPIT Tech, Tata Elxsi and Wipro.

Nifty Energy shed 1 percent dragged by Reliance Industries which shed 2 percent while on the other hand, BPCL, HPCL and Indian Oil Corporation traded in the green.

PSU banks are up led by Bank of Baroda, Bank of India, Canara Bank, Oriental Bank of Commerce, Union Bank of India and State Bank of India.

From the BSE midcap space, the top gainers included Wockhardt, Exide Industries and Union Bank of India while the top losers were L&T Infotech, MRPL and Max Financial Services.

From the BSE smallcap space, the top gainers were Kesoram Industries, 63 Moons and Minda Corp while the losers included KDDL, Max India and Rattan Power among others.

The top gainers from NSE include Dr Reddy's Labs which spiked 7 percent followed by YES Bank, BPCL, IOC and UPL.

The top losers included Infosys, Tech Mahindra, Tata Consultancy Services, Bajaj Auto and Power Grid.

The most active stocks were YES Bank, Dr Reddy's Labs, Infosys, Reliance Industries and TCS.

Aarti Industries, Adani Gas and Birla Cable were some of the few stocks which hit new 52-week high on the NSE.

64 stocks have hit new 52-week low including names like ABG Shipyard, Hexaware Technologies, Deepak Fertilizers, NTPC, SAIL and Empee Distilleries among others.

The breadth of the market favoured the declines with 740 stocks advancing and 897 declining while 423 remained unchanged. On the BSE, 1055 stocks advanced, 1218 declined and 129 remained unchanged.

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