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Sensex, Nifty Fall For Third Session In A Row As IT Shares Drag

Sensex and NSE Nifty 50 Indexes fell for a third straight session as information technology heavyweights came under selling pressure.

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Sensex, Nifty Fall For Third Session In A Row As IT Shares Drag

Today Sensex and Nifty gave up gains in last 30 minutes of trade after IT stocks extended decline.


The S&P BSE Sensex and NSE Nifty 50 Indexes fell for a third straight session as information technology heavyweights like Tata Consultancy Services, Infosys and HCL Technologies came under selling pressure. For most part of the day, the Sensex and Nifty traded firmly higher but gave up gains in last 30 minutes of trade after IT stocks extended decline and fast moving consumer goods shares like Hindustan Unilever came under selling pressure ahead of March quarter earnings. ITC, the country's largest cigarette maker also declined in trade. However, the losses were capped as banking shares witnessed buying interest. (Also Read: Jet Airways Stock Extends Losses To Fifth Day In A Row)

The S&P BSE Sensex ended 0.05 per cent or 18 points lower at 38,963 and the NSE Nifty 50 Index dropped 0.11 per cent or 13 points to settle at 11,712.

Twelve of 19 sector gauges compiled by BSE ended higher. A gauge of IT shares was worst hit in today's trade as it fell nearly 2 per cent after the US-based Cognizant Technology Solutions Corp on Thursday nearly halved its 2019 revenue expectations after missing first-quarter results, as the IT services and outsourcing company faces sluggish demand in its financial and healthcare businesses.

FMCG, healthcare and metal indexes also ended lower.

On the flipside, S&P BSE Realty Index was top gainer, up 1.56 per cent. Telecom, finance and bankex indexes also closed with a positive bias.

Mid- and small-cap shares witnessed a mild selling pressure as the S&P BSE MidCap and S&P BSE SmallCap Indexes fell 0.1 and 0.3 per cent each respectively.

Tata Consultancy Services was top Nifty loser, down 3.54 per cent at Rs 2,137. Britannia Industries, Tech Mahindra, Adani Ports, Hindustan Unilever, Zee Entertainment, HCL Technologies and Indian Oil were among the losers.

On the other hand, Indiabulls Housing Finance was top gainer in the Nifty 50 basket of shares, up 4.15 per cent at Rs 702. Bharti Airtel, NTPC, ICICI Bank, Yes Bank, Tata Motors, Bharti Infratel and ONGC were also among the gainers.

The overall market breadth was negative as 1,479 shares closed lower while 1,036 ended higher on the BSE.



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