Stocks

Sensex, Nifty edge lower in choppy session

BL Internet Desk | Updated on September 08, 2020

IT stocks gain after Citi's positive stance on the sector

Domestic equity indices edged lower on Tuesday as equities turned mixed in their movement. Markets traded choppy amid lack of directional cues from global markets.

The 30-share BSE benchmark Sensex opened firm at 38,498.07, touched an intraday high of 38,476.48, before settling at 38,365.35, down by 51.88 points from its previous close. It ended yesterday at 38,417.23.

On the NSE, the Nifty slipped 37.70 points or 0.33 per cent to 11,317.35.

While Metal, Telecom, Banking, Realty and Auto stocks met with losses, IT and Oil& Gas has achieved marginal gains today.

Tata Steel was the top loser in the Sensex pack, shedding around 4.50 per cent, followed by Bharti Airtel, Axis Bank, ONGC, SBI and Sun Pharma.

On the other hand, HCL Tech, Infosys, Reliance, Tech Mahindra and TCS were among the gainers.

IT stocks gained after Citi's positive stance on the IT sector.  IT stocks were led by gains in L&T Information Tech, TCS, Infosys and Wipro.

The Nifty metal Index fell 3 percent dragged by the NALCO, SAIL and Tata Steel.

Similarly, Nifty Media index also was down by 3 per cent as PVR, zEEL, TVToday and Hathway stocks shedding up to 5.75 per cent.

 

Bharat Dynamics shares fall 14%

Shares of Bharat Dynamics fell 14 per cent after the offer-for-sale began today. The floor price for the offer has been set at Rs 330 a share.

As the floor price is at a discount of 14 per cent from Monday's closing price of Rs 384.45, the stock of Bharat Dynamics fell sharply on Tuesday.

The Centre has decided to sell up to 10 per cent stake or 1.83 crore shares of Bharat Dynamics Ltd through an offer-for-sale.

The OFS opened for non-retail investors on Tuesday, and for retail investors on Wednesday.

 

Info Edge shares gain on Q1 earnings

Info Edge share price gained nearly 1 per cent reacting positively to  its Q1 results. The stock gained Rs 21.85, or 0.65 per cent, to Rs 3,313.75 on the BSE.

Published on September 08, 2020

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