Nifty declines for second straight session as IT, banking shares drag
Closing Bell: Nifty declines for second straight session as IT, banking shares drag
The broader NSE Nifty closed 23 points lower at 11,724 on Thursday. Benchmark index nifty ended marginally lower on a volatile day in which IT and Pharma stocks dragged the index lower amid mixed global cues.
Among sectoral indices, Nifty IT index was the biggest loser, down 1.8 per cent, followed by media, pharma and FMCG index.
Nifty Top Gainers/Losers
Market Update: Nifty Turns Flat On Weakness In Technology Shares
The wider 50-scrip Nifty of the National Stock Exchange (NSE) traded 16 points higher at 11,784 points on Thursday. Indian benchmark index nifty were flat in afternoon trade with declines in IT stocks TCS, Infosys and HCL Tech. Good buying was observed in banking, realty and metal index, while selling pressure was seen in IT, FMCG and pharma index.
Among the 50 stocks in the Nifty index, 24 were trading in the green, while 26 were in the red. Top gainers on the 50-scrip index were Yes Bank, Bharti Infratel, Bharti Airtel, Power Grid and HDFC Bank, trading between 1.54 per cent and 5.14 per cent higher.
Morning Update: Nifty trade higher led by banking shares
The wider 50-scrip Nifty of the National Stock Exchange (NSE) traded 35 points higher at 11,784 points. Equity benchmark index nifty opened on the negative note on Thursday morning trade. However, the stock market erased morning losses to turned on a positive note as buying was seen in banking shares amid mixed quarter earnings.
FII & DII Deets
FIIs bought 115cr worth of stock in cash, whereas DIIs bought 730cr worth of stock. In the derivative market, FIIs sold 1479cr of Index futures and bought 1052cr worth of Index options. In the Stock futures segment, FIIs bought 165cr worth of stock futures and sold 70cr stock options on 30 April.
Earnings Reaction To Watch
TVS Motor Ltd
- Total revenue grew to Rs 4387 crores in Q4 FY19, an increase from Rs 4016 crores in Q4 FY18.
- Net profit after tax to Rs 133 crores in Q4 FY19, an increase from Rs 165 crores in Q4 FY18.
- Earnings per share to Rs 2.82 in Q4 FY19, an increase from Rs 3.49 in Q4 FY18.
Exide Industries Ltd
- Total revenue grew to Rs 2615 crores in Q4 FY19, an increase from Rs 2479 crores in Q4 FY18.
- Net profit after tax to Rs 210 crores in Q4 FY19, an increase from Rs 189 crores in Q4 FY18.
- Earnings per share to Rs 2.48 in Q4 FY19, an increase from Rs 2.23 in Q4 FY18.
Earnings to watch
- Larsen & Toubro Infotech
- Hindustan Zinc
- Bandhan Bank
- Tata Power Company
Top News Of The Day
GST Revenue Touches New Highs
- The GST collections in April jumped to its highest level of Rs 1,13,865 crore since its roll out in 2017 . The total gross GST revenue collected in the month of April, 2019, is Rs 1,13,865 crore of which CGST is Rs 21,163 crore, SGST is Rs 28,801 crore, IGST is Rs 54,733 crore.
FairFax To Invest In India
- Canadian billionaire Prem Watsa’s Fairfax Holdings plans to invest an additional Rs 200 crore into Digit Insurance, an online general insurance company that offers insurance products at reasonable rates by eliminating agent commissions.
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