Aviation, IT stocks under pressure; Metal stocks lead

The Nifty Metal index was the best sectoral performer and was up 2%. Jindal Steel jumped over 4.7%, whereas Welspun Corp, Hindustan Copper, SAIL, and JSW Steel were among the other gainers.

Feb 12, 2019 05:02 IST India Infoline News Service

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Equity benchmark indices were trading slightly lower on Tuesday’s trade ahead of key macroeconomic data such as retail inflation and IIP even as major Asian peers were in the green, buoyed by optimism over ongoing US-China trade talks. The Sensex was down 47 points at 36,347, while the Nifty was down 2 points at 10,877.

The domestic currency climbed nearly 17 paise higher against the US dollar due to some selling in American currency by banks and exporters. Reacting to this, IT stocks were trading lower nearly 2% at 15,833. Infosys, which was trading down 2%, led the drop in the index. TCS, Mindtree, HCL Tech also contributed to the decline and fell ~2% each. Further, shares of Tech Mahindra, Wipro, and Tata Elxsi dipped ~1% each.

The Nifty Metal index was the best sectoral performer and was up 2%. Jindal Steel jumped over 4.7%, whereas Welspun Corp, Hindustan Copper, SAIL, and JSW Steel were among the other gainers.

Shares of aviation companies are lower on the back of rise in crude prices. SpiceJet fell 3% followed by IndiGo, and Jet Airways.

In the pharma space, Piramal Ent, Biocon, Aurobindo Pharma led the rally. Shares of Sun Pharma rose 1% aheadof Q3FY19 numbers.

The Nifty Media rose 0.44% led by DishTV, ZEE and Network18.On the flip side, Hathway, PVR, and TV Today dropped 2-1.5% respectively.

On the other hand, PSU Bank index were trading slightly up at 2,849. IDBI Bank, PNB, Bank of Baroda up 2% each.

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