Sensex and Nifty remain under pressure; PSU bank stocks recover

India Infoline News Service | Mumbai | May 17, 2018 13:31 IST

Benchmark indices remained under pressure dragged by HDFC, Infosys, Reliance Industries, and ITC stocks.

The Nifty50 slipped further and was trading near day's low in afternoon trades. The Bank Nifty has support placed around the 26,000 levels and is capped around 26,300 levels.

At 1:31 PM, the BSE Sensex was trading at 35,282, down 105 points, while the Nifty50 index was trading at 10,716, down 25 points.

Tata Steel saw profit booking after opening higher in today’s trade. The company’s net profit stood at Rs3,263cr against an estimate of Rs2,300cr.

The power transmission & distribution business of L&T Construction has bagged EPC orders worth Rs2,440cr, which includes a major order under the Saubhagya scheme. The stock advanced 0.54%.

Divi's Labs stock gained 1% after USFDA completed inspection at its Unit 1 manufacturing facility in Telangana with zero observations under Form 483.

Suven Life Sciences stock slipped 2%. The company announced grant of two product patents from Australia and one product patent from Singapore corresponding to the New Chemical Entities (NCEs) for the treatment of disorders associated with Neurodegenerative diseases.

GAIL (+2.3%), Tata Motors (+1.8%), Infratel (+1.8%), Titan (+1.7%) were the top gainers on Nifty50.

Hindalco (-2.8%), BPCL (-2.5%), Tata Steel (-2%), UPL (-1.8%) and Cipla (-1.6%) were the top losers in today’s trade.

Out of 2,028 stocks traded on the NSE, 330 advanced, 1,253 declined and 445 remained unchanged today.

 

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