Sensex, Nifty Subdued In Noon Trading; IT Stocks Slide, Titan Outperforms

Information technology stocks are seeing selling pressure for the second consecutive session, post the TCS results and ahead of the Infosys numbers due on Wednesday

Sensex, Nifty Subdued In Noon Trading; IT Stocks Slide, Titan Outperforms

HCL Tech, Tech Mahindra, TCS and Infosys have shed 1-2 per cent each on the BSE

The benchmark indices are trading flat, with a negative bias, on Tuesday afternoon amid bouts of choppiness. The Sensex has moved in a narrow band of around 300 points between an intra-day high of 60,263 and a low of 59,885 and as of 1:25 pm, the BSE benchmark is trading at 60,084.25, lower by 50.84 points and the NSE Nifty is at 17,937.50, down seven points. The broader markets are also having a lacklustre session of trading, with the BSE Midcap index and BSE Smallcap index losing around 0.1 per cent each. Weakness in IT stocks for the second consecutive day is dragging the markets.

On the global front, Asian shares are trading largely in the red as a global energy crunch is fuelling inflation fears. The European markets have also opened in the red across the board.

In the currency market, the rupee depreciated 6 paise to 75.42 against the US dollar, weighed down by the strengthening of the greenback in the overseas market and firm crude oil prices. At the interbank foreign exchange, the rupee opened on a weak note at 75.41 and then fell to 75.42.

Information technology stocks are seeing selling pressure for the second consecutive session, post the TCS results. The Infosys numbers, which are due post market hours on Wednesday, also seem to be causing nervousness among the market participants. HCL Tech has nosedived 4.5 per cent to Rs 1,243 to top the losers list on the BSE. Tech Mahindra, TCS and Infosys have shed 1-2 per cent each on the BSE.

Tata Metaliks has tanked 7 per cent after company reported poor numbers for the quarter ended September 2021. The net profit during the September quarter was down 33.4 per cent at Rs 54.62 crore against Rs 82 crore in the same quarter last year.

On the other hand, Titan, Bajaj Finserv, Bajaj Auto and SBI are trading with gains of 1-3 per cent each on the BSE. And Tata Motors is trading at Rs 420, higher by 1.2 per cent, on the BSE. The stock had hit fresh 52-week high of Rs 425 earlier in the day after the company informed exchanges that its global wholesales in second quarter of current financial year including Jaguar Land Rover were up 24 per cent year-on-year at 2,51,689 units.

The BSE market breadth is marginally weak. Out of 3,408 stocks traded on the BSE, there are 1,649 advancing shares as against 1,609 declines.

.