Stocks Radar: TCS, Hindalco, Om Metals Infraprojects
Indian equity benchmarks snapped their seven-day winning streak, mirroring losses in other Asian markets, after the Federal Reserve raised borrowing costs for the fourth time this year.
The S&P BSE Sensex and the NSE Nifty 50 Index fell 0.4 percent each to 36,341 and 10,922, respectively, as of 10:00 a.m.
The market breadth, however, was tilted in favour of buyers. Seven of the 11 sectoral gauges compiled by the National Stock Exchange declined, led by a 1.20 percent fall in the Nifty Metal Index. The Nifty Media Index was the biggest sectoral gainer, up 0.55 percent.
Here Are The Stocks Moving The Markets This Morning
TCS Falls For The Third Day
Shares of the IT major declined close to a percent to Rs 1,951.20 per share.
Tata Consultancy Services Ltd. launched its cloud solutions program in Canada, according to an exchange filing. The company said its Enterprise Cloud Platform provides multiple, flexible cloud infrastructure options.
The stock traded at 23 times its estimated earnings per share, according to data compiled by Bloomberg.
Om Metals Infraprojects Surges After New Order Win
Shares of the renewable energy projects developer rose as much as 19 percent, its biggest intraday gain in over a year, to Rs 41.50 apiece
The New-Delhi-based company bagged Rs 615-crore contract from water resources department of Rajasthan, according to its notification to the bourses. The work is related to constructuion of Isarda Dam across Banas River and includes its operation and maintenance for 5 years.
PSU Banks Gain After Government Announces Fresh Capital Infusion
Shares of the state-run lenders rose after Economic Affairs Secretary Subhash Chandra Garg said the government will announce a new recapitalisation plan for public sector banks.
- Central Bank of India rose 7.1 percent intraday to Rs 35.50 per share.
- Punjab National bank rose 1.4 percent to Rs 78 apiece.
- Indian Bank gained 1.9 percent to Rs 253.55 apiece.
(Figures as of 9:50 a.m.)
Grasim Industries Falls After Morgan Stanley Downgrade
Shares of the textile manufacturer declined nearly 1.6 percent to Rs 841.55 apiece.
Investment bank Morgan Stanley cut its stock recommendation to ‘Equal-weight’ from “Overweight’. Also, the price target was lowered to Rs 958, implying a potential downside of 11 percent from last close.
The stock declined 25 percent so far this year compared to 7.8 percent rise in the S&P BSE Sensex index.
Hindalco, Nalco Fall As Trump To Lift Rusal’s Sanctions
Shares of Indian aluminium manufacturers fell as the Trump administration is ready to remove sanctions on the world's second largest aluminium company— United Co. Rusal after its owner Russian billionaire Oleg Deripaska reached an agreement to significantly reduce his ownership stake, Bloomberg reported.
- Hindalco fell as much as 3.10 percent intraday to Rs 220.10
- National Aluminium Company slumped 6.63 percent to Rs 59.90