Indian equity benchmarks opened lower tracking weak global cues after a sell-off in technology shares spooked investors.
The S&P BSE Sensex fell as much as 0.6 percent to 32,976.8 while the NSE Nifty 50 Index lost 0.7 percent as well to 10,114.3.
The market breadth was firmly tilted in favour of the sellers. Seventeen of the 19 sector gauges on the BSE were trading lower, led by losses in the S&P BSE Metal Index, one of the sectoral outperformers in the last two sessions. The S&P BSE Consumer Durables Index was the top sector gainer, up 0.13 percent.
Here Are The Stocks Moving This Morning:
Persistent Systems: Falls On Plunging IP Revenue
Shares of the Pune-based IT services firm fell as much as 9.5 percent to Rs 709.4, its lowest level in almost two months.
Persistent Systems Ltd. expects a decline in IP revenue in the ongoing quarter, and this is likely to impact its revenue and profit margin, the company said in an exchange filing. The fall in IP revenue has been estimated at about $8 million.
The stock has lost 16.7 percent in a month’s time, compared with a 3.4 percent drop in the value of the benchmark Sensex. Trading volume was 23.5 times the 20-day average.
Kwality Plunges On Heavy Volumes
Shares of the New Delhi-based dairy products maker was locked in 20 percent lower circuit at Rs 59.05, extending the 10.1 percent loss it sustained in yesterday's session.
The stock saw a spike in trading volume as it was 15 times its 20-day average for this time of the day.
Meanwhile, reacting to sharp fall in the stock price, Kwality clarified yesterday in an exchange filing that there was no strategically significant development within the organisation and business that it was yet to announce.
Fortis Healthcare: Drops On Deal To Seperate Hospital Business
Shares of the hospital chain operator fell as much as 10.6 percent, the most in a week, to a one-month low of Rs 127.2.
Fortis Healthcare Ltd. will sell its hospitals business to TPG-backed Manipal Hospitals and divest management control of its diagnostics business to the same entity in a two-step deal. (For more on this story, click here)
Trading volume was 10.9 times the 20-day average. The stock was one of the worst performers on the S&P BSE Healthcare Index. Fortis Healthcare has given negative returns of 17.7 percent as compared to the healthcare index’s fall of 10.5 percent.
HAL Kicks Off Trading On A Weak Note
Shares of the Bangalore-based aerospace and defence products maker made a weak debut on stock exchanges. Hindustan Aeronautics Ltd. began trading at Rs 1,152 per share, a discount of 5.2 percent to its issue price of Rs 1,215.
The country’s largest state-owned defence firm’s Rs 4,200-crore initial public offering was subscribed 0.99 times on the final day of bidding, according to data available with the stock exchanges.
The Life Insurance Corporation of India bought more than two-thirds of the shares that were up for grabs in the state-owned company’s initial public offering.
Indoco Remedies: Regulatory Concerns
Shares of the Mumbai-based pharmaceutical firm fell as much as 10 percent, the most in a little over 11 months, to Rs 217.3.
U.K.’s Medicines and Healthcare Products Regulatory Agency issued three critical and four major observations on one of the company’s plants in Goa, according to Indoco Remedies Ltd.’s exchange filing.
Trading volume was higher than normal at 12.2 times the 20-day average.
Stocks Reacting To Block Deals
- 25 lakh shares changed hands in a single block
- Shares of Adani Ports and Special Economic Zone Ltd. fell as much as 5.1 percent to Rs 346.8
- 1.44 crore shares changed hands in a single block
- Shares of Gujarat Gas Ltd. rose as much as 1.8 percent to Rs 851.7
- 13.3 lakh shares changed hands in a single block
- Shares of Yes Bank Ltd. fell as much as 1.4 percent to Rs 299.1