Sensex, Nifty open lower; IT stocks underperform

Equity markets open lower on Friday. The Sensex declined by 222.49 pts or 0.31 per cent to trade at 72,418.70 as of 9.38 am, while the Nifty 50 was down by 56.70 pts or 0.26 per cent to trade at 21,955.25.

All sectoral indices except IT and auto traded in green as of 9.41 am. Nifty IT stocks dragged 3.13 per cent to trade at 34,899.60. Nifty auto slid 0.09 per cent to trade at 20,681.35. Nifty realty stocks rose over one per cent to trade at 871.15.

Commenting on the Nifty outlook, Anand James, Chief Market Strategist, Geojit Financial Services, said, “While the early upswings evolved on anticipated lines yesterday, it took a bit further than the 22,032 for the momentum to fully ease and force a turn lower. But as maintained yesterday, we will persist with a buy-on-dips approach, until we head into the 22,140-220 region. However, inability to push beyond 22,070, or a direct fall below 21,970 would weaken the upside prospects, but we would wait for a break beyond the 21,810 region to reconsider 21,400-20,900 as downside objectives.”

Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher Pvt Ltd, said that the support for the day is seen at 21,900 level while the resistance would be seen at 22,200.

Shrikant Chouhan, Head Equity Research, Kotak Securities, said, “For the bulls, 21,900/72,300 should act as a trend-deciding level. Short-term resistance lies at 22,080 and 22,150/72,900-73,000 at higher levels. However, if the market falls below 21,900/72,300, traders may choose to exit long positions as the market could retest 21,850-21,800/72,100-72,000 levels.”

About the Bank Nifty, Chouhan stated, “If it crosses the level of 47,000, expect a continuation of the pullback; otherwise, it could retest the levels of 46,500 or 46,200. Trade according to the given levels.”

Stocks such as BPCL (1.57 per cent), Cipla (1.30 per cent), Sun Pharma (1.26 per cent), Apollo Hospitals (1.26 per cent), and Bajaj Auto (1.11 per cent) were the top gainers on the NSE as of 9.43 am, while HCL Technologies (-4.61 per cent), LTIMindtree (-3.49 per cent), Wipro (-3.48 per cent), Infosys (-2.92 per cent), and Tech Mahindra (-2.55 per cent) stocks underperformed.

All Nifty IT stocks traded lower by over 2 per cent. The major losers were HCL Tech, LTIMindtree, Persistent Systems, Wipro, and Coforge.

Stocks to watch

Reliance Power stock is locked in upper circuit at ₹6.27, higher by 5 per cent on the BSE.

Shares of eMudhra continue to trade higher, currently at ₹739 on the NSE, higher by 6.39 per cent, recording a 52-week high.

D B Realty stock rose 2.50 per cent as of 9.35 am on the NSE to trade at ₹209.35. The company has informed the exchanges regarding a one-time settlement, stating it as a positive development, as the long-pending issue between the Bank of India and the company stands resolved without any liability whatsoever to the company. 

Muthoot Capital Services Ltd has completed a securitisation transaction, raising an amount of ₹61.44 crore by assignment of loan receivables aggregating to ₹66.07 crore. Shares rose 2.26 per cent to trade at 289.45 as of 9.51 am.

Gensol Engineering has secured EPC order from a power generation utility in Maharashtra. The project involves the development of a 100 MWAC/135 MWp ground-mount solar PV power project across 500 acres in Maharashtra with a total order value of ₹520 crore. The stock inched up 0.69 per cent on the NSE as of 9.52 am to trade at ₹885.60.



Crime Today News | Markets | Commodities | Forex | Stocks

Source | Powered by Yes Mom Hosting
Crime Today News Agency

Crime Today News

Welcome to Crime Today News, your trusted source for timely and unbiased news coverage. Since our inception in 2014, we have been dedicated to delivering the latest updates to our valued readers and viewers across Telangana.

Related Posts