Markets trade flat; Nifty Auto, IT stocks see upside

19 May 2023 , 02:01 PM

Indian stocks cut early morning gains on Friday as investors booked profits following a recent surge. Furthermore, overnight data indicating a persistently tight labour market in the United States diminished expectations of interest rate cuts this year.

The Nifty is heading for its fourth consecutive session of declines, with a decrease of 1.26% recorded so far this week.

At around 2.00 PM, BSE Sensex is trading 0.17% higher at 61,538.58 points. NSE Nifty is trading at 18,148.35 points, up by 0.10%.

On the sectoral front, Nifty Auto, IT, and Media are in gaining positions. All other sectoral indices are trading in red.

Among individual stocks, Bata India surged nearly 5% in its stock price following the announcement of better-than-anticipated profit for the fourth quarter. Similarly, Ramco Cements Ltd also witnessed a 5% increase in its stock value after revealing a substantial rise in its quarterly profit.

On the gainer’s chart, Adani Enterprises (+3.34%) and Tata Motors (+2.23%) are in the top position. Infosys (+1.80%), Tech Mahindra (+1.59%), and Adani Ports (+1.70%) are trading nearly 2% higher.

UPL (-1.70%) is the top NSE laggard so far, followed by Britannia Industries (-1.55%). Hero Moto Corp (-1.10%) is down by over 1%. IndusInd Bank (-1.05%), and DivisLab (-1.05%) are also trading in a downward trend.

A total of 16 stocks advanced, while 34 stocks declined on the nifty index today.

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