Market Update: CNX IT remains weak as Infosys falls 3%; Tata Motors top loser, falls 5%, Idea at 52-week low
The Indian equity market was trading on a negative note on Monday afternoon with the Nifty shedding 12 points and was trading just below the 10,500 mark at 10,468 while the Sensex was down 71 points or 0.21 percent.
The Nifty IT index continued to trade lower dragged by Infosys which fell 3.5 percent after the company reported net profits growth of 2.4 percent on a year-on-year (YoY) basis to Rs 3,690 crore but fell 28.1 percent on a quarter-on-quarter (QoQ) basis.
The other losers included names like Wipro which was down 1 percent while Infibeam and KPIT Tech were the other losers.
CNX Metal was also trading lower as stocks like Tata Steel and Vedanta shed up to 1.5 percent. Bhushan Steel, Hindustan Copper and NALCO were the other losers.
The top Nifty gainers included Cipla which was jumped 4 percent while Grasim Industries gained 2.5 percent. Lupin, Indiabulls Housing Finance and Asian Paints were the other gainers.
The most active Nifty stocks included Infosys while Tata Consultancy Services, Indiabulls Ventures, Dewan Housing Finance and ICICI Bank were the other active stocks.
The top Nifty losers were Tata Motors which fell almost 5 percent followed by Infosys, Hindustan Petroleum Corporation, Vedanta and Axis Bank.
The top BSE gainers included Indiabulls Ventures which was up 20 percent followed by GRUH Finance which jumped over 5 percent. Cipla and Cox and Kings were the other gainers.
UCO Bank, down over 8 percent, Vakrangee, Tata Motors, Tata Motors DVR and Chambal Fertilizer were the other BSE losers.
32 stocks hit fresh 52-week high including Ashok Leyland, Balkrishna Industries, Britannia Industries, Escorts, IndusInd Bank, Nestle, Kotak Mahindra Bank and Pidilite Industries.
ABB, Gitanjali Gems, Idea Cellular, SRS and UCO Bank were some of the stocks which hit new 52-week low.
The market breadth was in favour of the declines with 697 stocks advancing while 1006 declined and 347 remained unchanged. On the other hand, in the BSE, 1011 stocks advanced and 1486 declined and 167 remained unchanged.