IT stocks drag Sensex, Nifty lower in morning trade

In the broader market, the BSE MidCap index dipped 65 points at 14,378, while the S&P BSE SmallCap index was trading at 13,810, down 110 points.

Jun 20, 2019 04:06 IST India Infoline News Service

Equity indices opened in the negative zone despite a positive trend in global markets after the US central bank hinted at lower interest rates this year. The stock market fell in the early morning trade led by IT stocks after media reports said that the United States was considering caps on H-1B work visas for nations that force foreign companies to store data locally.

The Sensex was trading at 39,109 levels, marginally down 3 points, while the Nifty was trading lower by 12 points at 11,679 levels

TCS, Infosys, HDFC Bank, IndusInd Bank and HUL weighed the most on Sensex, while Reliance, HDFC, ICICI Bank and Kotak Mahindra Bank gained.

Shares of Ashok Leyland slipped 1% after the company decided to shut its Pantnagar plant.

Adani Green shares jumped 3% after its subsidiary Adani Renewable Energy Park (Gujarat) has won 600MW wind-solar hybrid projects in an auction conducted by state-run Solar Energy Corporation of India (SECI).

In the broader market, the BSE MidCap index dipped 65 points at 14,378, while the S&P BSE SmallCap index was trading at 13,810, down 110 points.

The Indian rupee opened at 69.48 per dollar against the last close of 69.68 per dollar amid hopes for positive trade talks between US and China.

Meanwhile, Asian markets are marginally higher amid hopes for positive US-China trade talks in the upcoming G-20 meet.

Also, prices of the yellow precious metal on the COMEX futures spurted to 5-year higher level at 1,395.35/ounce after US Federal Reserve slashed their rate outlook for the rest of the year by roughly half a percentage point.

The US Federal Bank in its two-day policy meeting ended on Wednesday left rates on hold, however, the policy makers said uncertainties about the economic outlook could force its hand.

Related Story