Sensex slips 79 pts, Nifty ends at 10,585; IT stocks weigh
The benchmark indices ended slightly lower on Friday led by a fall in information technology (IT) and metal stocks.
The S&P BSE Sensex ended at 35,159, down 79 points, while the broader Nifty50 index settled at 10,585, down 13 points.
Among the sectoral indices, the Nifty IT index fell 0.8 per cent weighed by Infosys and Tata Consultancy Services (TCS). The Nifty Metal index slipped 0.9 per cent due to a decline in NMDC. On the other hand, the Nifty Pharma index settled 1.4 per cent higher led by a rise in Sun Pharma.
In stock-specific action, Bharti Airtel fell 2.9 per cent to Rs 297 on the BSE after Moody’s Investors Service placed it’s rating on review for downgrade, following low levels of profitability and expectation of weak cash flow. The stock had fallen as much as 5.21 per cent to Rs 290 on the BSE in intra-day trade.
The rupee traded on a firm note during the day, rising to 72.58 per dollar, up from its previous close of 73 against the greenback.
Pidilite Industries’ September quarter (second quarter or Q2) operational performance was almost in line with expectations with profit margin contracting amid inflationary pressures and consolidated net profit down 9 per cent year-on-year (YoY) at Rs 2.31 billion. Yet, the stock was up 10 per cent post results.
Diversified group DCM Shriram has contracted around 40,000 tonnes of sugar exports so far and will undertake shipments of entire 92,000 tonnes quota assigned to it by April-May next year, its Chairman Ajay Shriram said.
Domestic passenger vehicle sales rose 1.55 per cent to 2,84,224 units in October as against 2,79,877 units in the same month last year. Car sales grew marginally by 0.38 per cent to 1,85,400 units last month as against 1,84,706 units in October last year, according to data released by the Society of Indian Automobile Manufacturers (SIAM) Friday.
Public-sector lender Allahabad Bank on Thursday informed stock exchanges that it had received a communication from the finance ministry stating it was getting a capital infusion to the tune of Rs 30.54 billion.
India Cements Friday reported 93.95 per cent drop in standalone net profit at Rs 1.43 crore during the quarter ended September 2018. The company had reported a net profit of Rs 23.67 crore in the same quarter of the previous fiscal. Total income of the company stood at Rs 1,390.84 crore during second quarter of 2018-19 fiscal. It was Rs 1,274.9 crore in the year-ago period, India Cements said in a BSE filing.
Hindustan Petroleum Corporation Ltd has added 29.37% over last one month compared to 8.35% gain in S&P BSE Oil&Gas index and 0.88% rise in the SENSEX. Hindustan Petroleum Corporation Ltd gained 1.68% today to trade at Rs 233.65. The S&P BSE Oil&Gas index is up 0.33% to quote at 13564.73. The index is up 8.35 % over last one month. Among the other constituents of the index, Indian Oil Corporation Ltd increased 1.65% and Bharat Petroleum Corporation Ltd added 1.37% on the day.
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