Sensex, Nifty Fail To Hold Gains As IT Stocks Drag
Closing Bell: Sensex, Nifty Decline Dragged By IT Stocks
Indian equity benchmarks failed to hold yesterday's gains and edged lower dragged by weakness in IT stocks.
The S&P BSE Sensex declined 10 points to 34,432 and the NSE Nifty 50 Index slipped 6 points to 10,380.
For most part of the day the benchmarks swung between gains and losses as buying interest in Larsen & Toubro, Yes Bank and Axis Bank was offset by selling pressure in Infosys, ITC, Tech Mahindra and HCL Technologies.
Thirteen of 19 sector gauges compiled by BSE ended higher led by the S&P BSE Capital Goods Index’s 2.3 percent gain. On the other hand, S&P BSE IT Index was the top loser, down 1.8 percent.
Tata Motors October Sales Rise 18%; Shares Flat
Tata Motors shares gave up gains and fell 0.1 percent to Rs 179 after it reported sales numbers for the month of October.
Key sales highlights (YoY):
- Total sales up 18 percent at 57,710 units
- Commercial vehicle sales up 22 percent at 39,420 units
- Domestic passenger vehicle sales up 11 percent at 18,290 units
HDFC Recovers After Q2 Profit Beats Estimates
Shares of the country's largest mortgage lender recovered from low levels and rose as much as 1.5 percent after its profit beat Bloomberg consensus estimates in September quarter.
Key earnings highlights:
- Net profit rises 25 percent to Rs 2,467 crore versus Rs 1,978 crore (YoY); Estimate of Rs 2,430 crore.
- Revenue up 25 percent at Rs 11,245.6 crore versus Rs 9,003 crore (YoY).
- interest income up 19.2 percent at Rs 9,673 crore versus Rs 8,114 crore (YoY).
- Net interest income up 16 percent at Rs 2,629 crore versus Rs 2,269 crore (YoY).
Money Market Check: Rupee Strengthens To 73.4/$
- The Indian rupee strengthened further during today's trade.
- The home currency appreciated as much as 0.65 percent to trade at 73.46 a dollar.
Adani Power Surges After Block Deal
- Adani Power has 10 lakh shares change hands in a block deal on the BSE. Stock up 10 percent at Rs 50.65.
Buyers and sellers were not immediately known