Market

Opening Bell: Sensex opens flat, Nifty around 11,950; IT stocks fall

Updated : November 22, 2019 09:59 AM IST

At 9:20 am, the Sensex was trading 12 points higher at 40,563, while the Nifty50 index added 13 points at 11,955.

NTPC, PowerGreid, ITC, Sun Pharma, and Coal India were the top gainers on the Nifty50

The Nifty IT fell 1 percent at opening trade while Nifty Bank, Nifty private Banks, and Nifty Fin Services indices were also in red.

Indian shares open flat on Friday dragged by banks and IT stocks as investors remained cautious amid worries over the status of trade negotiations between China and the United States. Meanwhile, Asian equities rose from a three-week low but gains remained capped on Us-China trade uncertainty. At 9:20 am, the Sensex was trading 12 points higher at 40,563, while the Nifty50 index added 13 points at 11,955.

NTPC, PowerGreid, ITC, Sun Pharma, and Coal India were the top gainers on the Nifty50, while Bharti Infratel, Zee, Wipro, UPL, and Infosys led the losses.

Major selling was seen in the banking and IT indices. The Nifty IT fell 1 percent at opening trade while Nifty Bank, Nifty private Banks, and Nifty Fin Services indices were also in red.

Among gainers, the Nifty Media rose the most, up 1 percent, followed by the Nifty Pharma, which rose 0.4 percent. Nifty FMCG, Nifty Metal and Nifty Auto also gained in trade.

NTPC rose 3 percent in early morning deals after Morgan Stanley upgraded the stock to 'overweight' with a target of Rs 152 per share.

DHFL shares were locked in a 5 percent upper circuit. The stock gained on reports that the Gautam Adani-led Group and the Piramal Group are among the major contenders to take over the crisis-hit firm.

Among Asian peers, MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.12 percent. The index had fallen as much as 1.41 percent on Thursday, hitting its lowest level since October 30. Australian shares were up 0.52 percent and Japan’s Nikkei gained 0.1 percent.

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