Sensex, Nifty Snap Three-Day Winning Streak; IT Stocks Outperform
A broker speaks on telephones on the trading floor. (Photographer: Luke MacGregor/Bloomberg)

Sensex, Nifty Snap Three-Day Winning Streak; IT Stocks Outperform

Latest First
  • Oldest First

Closing Bell

Indian equity benchmarks snapped their three-day winning streak led by selling pressure in Reliance Industries, ITC, HDFC and State Bank of India. However, the losses were capped as IT heavyweights such as Infosys, TCS and Wipro gained after international brokerage Morgan Stanley released a report which said Indian IT is expected to turnaround in 2018.

The S&P BSE Sensex declined 0.21 percent or 72 points to 24,771 and the NSE Nifty 50 Index fell 0.38 percent or 41 points to 10,700.

The broader markets also faced the heat of selling pressure as the S&P BSE MidCap Index slumped 1.7 percent and the S&P BSE SmallCap Index plunged 2.2 percent.

Seventeen out of 19 sector gauges compiled by BSE ended lower led by the S&P BSE Realty Index's 3.5 percent fall. On the other hand, the S&P BSE Information Technology Index was the top sectoral gainer, up 3.3 percent.

Sensex, Nifty Snap Three-Day Winning Streak; IT Stocks Outperform

MCX Falls As net Profit Declines In Q3

Shares of the Mumbai-based stock exchange fell as much as 5.27 percent to Rs 881 after it reported December quarter earnings.

Key earnings highlights:

  • Consolidated net profit down 44.8 percent At Rs 18.77 crore versus Rs 34 crore
  • Consolidated revenue down 11 percent At Rs 60.97 crore versus Rs 68.60 crore crore

Rupee Extends Losses, Breaks Below 64 Against U.S. Dollar

Indian rupee extended losses and broke below crucial psychological level of 64 per dollar. The local unit fell as much as 0.82 percent, the most in nearly a month to 64.01, its lowest level since, Dec. 29.

Fab Four Stocks Of The Day

  • HCL Technologies: The Noida-based IT outsourcing firm rose over 5 percent to Rs 955 after Morgan Stanley in a report said Indian IT industry is expected to turnaround in 2018. It also upgraded the stock to ‘Overweight’ from ‘equal-weight’ and raised its target price to Rs 1,060.
  • ICICI Lombard: The Mumbai-based general insurance company rose more than 7 percent to Rs 844.80 on the back of strong December quarter earnings. Its gross domestic premium income (GDPI) rose 17.8 percent to Rs 2937 crore versus Rs 2,494 crore and combined ratio improved to 96 percent versus 106.6 percent.
  • Trigyn Technologies: The Mumbai-based IT services company rose as much as 12.4 percent, the most in over a month, to Rs 159.50 after it secured contract from ARIPO, Zimbabwe to provide technical support.
  • EIH Ltd: Hotel stocks were buzzing in trade today. The stock gained for fifth day in a row and it has so far in the month of January soared 49.5 percent.


BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.