Afternoon Session: Markets trade lower, Nifty slips below 12,250 as heavyweights drag

Indian benchmark indices traded lower Tuesday afternoon largely dragged by index heavyweights like RIL, HDFC Bank, and Infosys.

At 1:30 pm, the Sensex was trading at 41,558.64, down 84.02 points or 0.20 percent and the Nifty was trading at 12,240.20, down 22.55 points or 0.18 percent.

Gains in metal, pharma and realty stocks supported markets but losses in IT, media and financial services applied pressure.

The Nifty IT fell 0.57 percent followed by Nifty media and Nifty financial services.

HCL Technologies, Reliance Industries, Eicher Motors, UPL and GAIL India were the top losers while YES Bank, IndusInd Bank, Zee Entertainment Enterprises, JSW Steel and ONGC were the Nifty50 top gainers.

Share of Dishman Carbogen Amcis, the Active Pharmaceutical Ingredient (API) manufacturer, plunged over 42 percent in the last six sessions after Income Tax Department conducted a day-long 'search and survey operation' at the company's properties.

Indian Railways Catering and Tourism Corporation (IRCTC) on Tuesday said that it has revised tariffs on standard meals at all its static units (refreshment rooms, Jan Ahaars) across the Indian Railways network. The stock surged 4 percent intraday.

IndiaMART, India’s largest online B2B marketplace, has seen its stock price rise nearly 120 percent since listing in July this year. Brokerage firm Jefferies has initiated a buy rating on the stock with a target of Rs 2,500.

On the front of the global market, Asian shares edged lower and US stock futures darted in and out of losses on Tuesday, as the holiday lull offset optimism that a US-China trade deal will boost exports and corporate earnings.

 

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