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    Markets at noon: Sensex dips over 200 points, Nifty holds 11900; Nifty IT falls over 2%

    Markets at noon: Sensex dips over 200 points, Nifty holds 11900; Nifty IT falls over 2%

    Markets at noon: Sensex dips over 200 points, Nifty holds 11900; Nifty IT falls over 2%
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    By Ajay Vaishnav   IST (Updated)

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    The benchmark 30-share S&P BSE frontline index traded 236 points lower, or 0.58 percent, at 40,338 at 12.02 pm.

    Indian benchmark equity indices, the Sensex and Nifty50, edged lower on Friday, dragged by IT stocks, despite gains in Asian markets amid lingering concerns over delays in the first phase of the US-China trade deal. The BSE Sensex traded 236 points lower, or 0.58 percent, at 40,338 at 12.02 pm. The index opened at 40,653 and hit the day's low at 40,295. The Nifty was down 63.50 points, or 0.53 percent, to 11,904.90. The Nifty opened at 11,967 and hit the day's low at 11,884.
    Broader markets also fell in tandem with frontline peers. The Nifty MidCap 100 index and BSE MidCap were down well over half a percent. Among sectoral gauges, metal, CPSE, power, energy, utilities advanced with modest gains, while bank, IT, finance, pharma, FMCG and auto declined.
    The Nifty IT index comprising of bluechips such as Infosys, Tata Consultancy Services, Tech Mahindra fell the most by over 2 percent. IT shares traded under pressure as Goldman Sachs has revised on several firms citing weak outlook and expensive evaluations.
    Among top gainers on Nifty, ZEEL, NTPC, Yes Bank, ITC and PowerGrid rose by up to 3 percent. Bharti Infratel, Infosys, Tech Mahindra, HCL Technologies and Tata Motors slipped between 2 and 5 percent.
    ITC shares surged as much as 3 percent intra-day after global brokerage firm Morgan Stanley added the stock to its India Focus list because of attractive valuation. NTPC shares also surged 3 percent as Morgan Stanley upgraded its rating on the stock to 'overweight' from 'equal-weight'.
    Shares of Vodafone Idea fell more than 9 percent as Fitch Ratings said the tariff hike announced by the company as well as the relief from the government on spectrum payments would not be able to offset additional charges and penalties.
    Shares of Dewan Housing Finance Corporation Ltd (DHFL) were locked in 5 percent upper circuit in trade on Friday.
    Shares of Sugar companies were under pressure on Friday amid reports that sugar production in Maharashtra is likely to take a hit this year as poor climatic conditions have caused large-scale damage to sugarcane crop. Shares of Balrampur Chini Mills, Avadh Sugar, Bannari Sugar, Dalmia Bharat, Dhampur Sugar, Dwarikesh Sugar, Uttam Sugar, Mawana Sugar traded lower by up to 3 percent.
    On the currency front, the rupee appreciated 4 paise (intra-day) against the US dollar to trade at 71.72 in early session.
    Meanwhile, foreign institutional investors bought shares worth Rs 5,023.54 crore in the capital market in the previous session, while domestic institutional investors sold equities worth Rs 247.74 crore.
    -with inputs from agencies
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