Equities erase initial gains; Sensex slips 98 points

BL Internet Desk Mumbai | Updated on September 14, 2020 Published on September 14, 2020

Nifty down 43 points to 11,421.05

Domestic equity benchmark Sensex and Nifty erased early gains in the late mid-session and ended in the red due to profit taking by traders and investors alike.

Intially, the Sensex jumped over 350 points and the Nifty by over 100 points in early trade on Monday tracking gains in index majors Reliance Industries, HDFC twins and HCL Tech amid positive global cues and fresh foreign fund inflow.

Equities opened on a positive note tracking positive cues from global markets and persistent foreign fund inflow, traders said.

However, traders preferred to wind-up their open positions toward the closing sessin and hence indices reacted negatively afterwards.

The 30-share BSE index closed 97.92 points or 0.25 per cent lower at 38,756.63, while the NSE Nifty fell 43.40 points or 0.38 per cent to 11,421.05.

Bharti Airtel was the top loser in the Sensex pack, falling around 3.75 per cent, followed by Bajaj Finance, SBI, PowerGrid, Kotak Bank, HDFC Bank, ICICI Bank, Sun Pharma and Axis Bank.

HCL Tech was the top gainer in the Sensex pack, surging over 10 per cent, followed by TCS, Infosys, Tech Mahindra, Titan, UltraCemco and Bajaj Auto.

Exchange data showed that foreign institutional investors bought equities worth Rs 1,175.81 crore on a net basis on Friday.

AstraZeneca Pharma surges as it resumes Covid-19 trial vaccine

The stock of AstraZeneca Pharma India surged nearly 7 per cent today on reports that biopharmaceutical giant AstraZeneca and the University of Oxford on Saturday resumed trials for their coronavirus vaccine in the UK after the Medicines Health Regulatory Authority’s approval.

The human trials resumed days after a pause was announced in the trials after an adverse reaction in one of the participants.

The stock gained Rs 268.10, or 6.66 per cent, to Rs 4,293.25 on the BSE today.

HCL Tech jumps 10 per cent on AI entry plan

The stock of HCL Technologies went up 10 per cent on Monday after the company said it has joined NVIDIA partner network and will pursue opportunities in Artificial Intelligence (AI) space.

IT services major also said last week that it has opened a global development centre in Colombo, Sri Lanka, and expects to hire over 3,000 people in the next few years for the facility.

IT major also said it has seen strong execution to date in Q2 FY21.

In line with the announcements, the stock gained Rs 71.60, or 9.90 per cent, to Rs 792.65 on the BSE.

Infosys shares rise 3%

The stock of Infosys turned stronger today after the software major announced in its release to the BSE that it would acquire GuideVision, a leading ServiceNow elite partner in Europe.

Infosys was up Rs 28.95, or 3.06%, to Rs 974.35 on the BSE.

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Published on September 14, 2020
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