Business

Market ends lower as IT shares, Reliance Industries drag; Pharma stocks gain

Updated : November 21, 2018 04:07 PM IST

Broader markets outperformed with the Nifty MidCap settling half a percent higher, while the BSE MidCap also rose by 0.64 percent.

Reliance Industries, Tata Consultancy Services, Infosys were the top three drags on indexes.

Dr Reddy's Labs ended 6.5 percent higher, Yes Bank, Grasim climbed more than 3 percent, while Bajaj Finserv and UPL ended more than 2.5 percent higher.

Market ends lower as IT shares, Reliance Industries drag; Pharma stocks gain

Benchmark equity market ended lower for the second consecutive day on Wednesday, tracking weakness in Asian peers amid growth concerns. The 30-share benchmark Sensex ended 275 points lower, down by 0.77 percent, at 35,199. The 50-share broader Nifty was able to hold the crucial level of 10,600, ending lower by 0.53 percent, or by 56 points.

Broader markets outperformed with the Nifty MidCap settling half a percent higher, while the BSE MidCap also rose by 0.64 percent. Reliance Industries, Tata Consultancy Services, Infosys were the top three drags on indexes, while HDFC, M&M, PowerGrid, L&T, ITC, Tata Steel and Wipro also weighed down indexes. Support from Axis Bank, HDFC Bank, SBI, Maruti Suzuki and Yes Bank wasn't enough to offset losses from the top three largecap stocks.

Among percentage gainers, Dr Reddy's Labs ended 6.5 percent higher, Yes Bank, Grasim climbed more than 3 percent, while Bajaj Finserv and UPL ended more than 2.5 percent higher. Axis Bank, Adani Ports, SBI, Asian Paints were other major gainers.

TCS, Infosys, Power Grid Corp fell between 3.3 and 3.53 percent, while Tech Mahindra, HCL Technologies and Bajaj Auto were also among major losers.

(Market update at close)

Sensex, Nifty extend losses as IT stocks drag; pharma stocks gain led by Dr Reddy's

Indian shares extended decline on Tuesday, following weak global cues and fresh foreign fund outflows. Benchmark indexes tracked Asian markets, which fell after continued equity sell-off on Wall Street amid slowdown concerns.

The Sensex traded at 35,155.18, sharply lower by 319 points or 0.90 percent at 11.50 am. The broader 50-share Nifty gave up the crucial 10,600 level, falling to 10,578, down by 78 points or 0.73 percent.

On Tuesday, foreign institutional investors (FIIs) sold shares worth a net of Rs 753 crore, while domestic institutional investors (DIIs) sold shares worth Rs 44 crore. FIIs offloaded shares worth Rs 1,376 crore in F&O.

Broader market indices were slightly better with the Nifty MidCap trading mildly higher by 0.10 percent. The BSE MidCap was up 0.33 percent.

Sectoral indices led by IT, teck, energy and metal traded in the negative zone with losses up to 3.18 percent. The Nifty Pharma was leading the 13 advancing sectors, rising by up to 1.25 percent.

Among major index gainers, Dr Reddy's Labs was the top percentage gainer, trading over 6.5 percent. Yes Bank shares also recovered, rising by 3.44 percent. Other major gainers include SBI, Asian Paints, Axis Bank and ONGC, rising by up to 1.6 percent.

Shares of aviation and oil marketing companies gained as global crude oil prices dropped nearly 7 percent.

Shares of Jet Airways, InterGlobe and SpiceJet moved higher by up to 5 percent. Downstream companies Bharat Petroleum, Indian Oil and Hindustan Petroleum gained up to 3 percent.

Major losers were Infosys, TCS, Tech Mahindra, Power Grid Corp, HCL Technologies, Reliance, Power Grid Corp, Bajaj Auto, falling by up to 3.77 percent.

The currency and debt markets are closed on Wednesday on account of Milad-un-Nabi holiday. The rupee had settled at 71.46 against the US dollar on Tuesday, higher from Monday's close of 71.65.

Asian markets too remain under pressure, although indices have recovered from the opening lows. Japan's Nikkei traded lower by 0.35 percent, while Hong Kong's Hang Seng dipped 0.19 percent.

Also, catch all the action and updates in our Market Live blog.

Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

Have you signed up for Primo, our daily newsletter?

It has all the stories and data on the market, business, economy and tech that you need to know.

To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more