Nifty hovers around 11,150 mark; Media, realty stocks decline

Sun Pharma, ITC, Reliance Industries, TCS and ICICI Bank were among the major gainers on Nifty50.

May 14, 2019 04:05 IST India Infoline News Service

Equity benchmark indices fluctuated between gains and losses slipped into the negative zone in the morning trade following subdued Asian markets on Tuesday. Sun Pharma, ITC, Reliance Industries, TCS and ICICI Bank were among the major gainers on Nifty50, whereas Tata Motors, Tata Steel, Eicher Motors, L&T, and Coal India led the losers.

Shares of Sun Pharma, which saw a 20% sudden intraday plunge on Monday, were up 3% in early trade.

Shares of Dewan Housing Finance Corporation (DHFL) slipped 1% after the rating agency Crisil downgraded ratings on the lender’s commercial papers (CP) worth Rs850cr.

Shares of United Bank of India jumped 3% after the bank registered a quarterly net profit of Rs95.18cr for March 2019 quarter after seven quarters of consecutive loss.

The Indian rupee appreciated as much as 0.12% to 70.43 against the greenback.

The Sensex slipped 31 points at 37,060 and the Nifty50 was marginally lower 11 points at 11,137. The market breadth was negative on the NSE with 488 shares advancing, 1,037 shares declining, and 527 remaining unchanged.

All sectors, Nifty Metal lost the most in opening trade, down 1%, followed by media, realty, and IT. Meanwhile, Nifty pharma and banking were trading in the green.

On the economy front, the WPI data and earnings will continue to be on the market participant’s radar.

The Volatility gauge, India VIX is down 1.54% at 26.96.

The most active stocks on the NSE are Reliance Industries, Sun Pharma, Yes Bank, and Vodafone Idea.

Asian saw a more limited slide in stocks on Tuesday than the tumble on Wall Street overnight, while the yuan recovered as investors monitored the latest headlines on US-China trade tensions.

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