Sensex and Nifty remain under pressure; IT, Metal stocks drop

On the sectoral front, PSU banks were up led by Bank of Baroda, Bank of India, Canara Bank, Oriental Bank of Commerce, Union Bank of India, and State Bank of India.

Nov 21, 2018 08:11 IST India Infoline News Service

Sensex Descent graph
Equity benchmark indices were trading lower in the afternoon session owing to selling pressure witnessed in Reliance Industries, Infosys, TCS, and ITC. Further, negative global cues put pressure on domestic stocks.

On the sectoral front, PSU banks were up led by Bank of Baroda, Bank of India, Canara Bank, Oriental Bank of Commerce, Union Bank of India and State Bank of India.

The Pharma index gained ~2% amid heavy buying in Dr. Reddy’s, Aurobindo Pharma, Biocon, and Sun Pharma.

Indian IT stocks have been down in consecutive sessions tracking the rebound in INR/$. Amongst the large caps, Infosys led the decline, down by ~4%; TCS too was down by ~3.7% after holding the fort in the last trading session. HCL Tech, Wipro, and Tech Mahindra were seen down ~2%, ~1.5% and ~3% respectively.

Shares of Minda Corporation zoomed ~8% on Wednesday after the company announced that it had entered into definitive agreements with its joint venture (JV) partner -- Japan's Furukawa Group, for a change in the equity structure of Minda Furukawa Electric Pvt Ltd.

Adani Gas hit 20% upper circuit after the company expanded its pan-India presence by bagging 13 city gas distribution (CGD) projects.

Index heavyweight Reliance Industries dropped 2.3% to Rs 1,113.

The Sensex is down 226 points at 35,248, and the Nifty50 is down 59 points at 10,596. The market breadth is narrow as 802 shares advanced, while 732 shares declined, and 515 shares remained unchanged.

The most active stocks were Dr. Reddy's Labs, YES Bank, Infosys, Reliance Industries, and ICICI Bank.

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