EconomyEquity indices trade lower, Tech stock under pressure

Equity indices trade lower, Tech stock under pressure

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Mumbai (Maharashtra, India): Equity benchmark indices traded lower during early hours on Thursday dragged by technology stocks.

At 10:15 am, the BSE S&P Sensex was down by 199 points or 0.4 percent at 49,293 while the Nifty 50 slipped by 48 points or 0.33 percent to 14,517.

Sectoral indices at the National Stock Exchange were mixed with Nifty IT dipping by 2.1 percent. Banking and FMCG were in the green.

Among stocks, Wipro dropped by 3.7 percent to Rs 441.65 per share as traders booked profits. HCL Technologies and Infosys fell by 3.2 percent each, and Tech Mahindra by 2 percent.

Asian Paints, JSW Steel, Cipla, Maruti Suzuki, and Axis Bank too traded with a negative bias.

However, Hindustan Aeronautics surged by 8.2 percent after the government approved procurement of 83 indigenously-developed light combat aircraft Tejas for the Indian Air Force at a cost of Rs 48,000 crore.

IndusInd Bank advanced by 3.8 percent to Rs 979.05 per share while index heavyweight Reliance Industries moved up by 0.6 percent.

Meanwhile, Japanese stocks jumped to a three-decade high and other Asian equities were near record peaks as investors focused on US stimulus prospects and extended bets on global recovery and growth.

Japan’s Nikkei rose by 1.4 percent to its highest point since August 1990. MSCI’s broadest index of Asia Pacific shares outside Japan was steady and just short of Monday’s all-time high.  — ANI

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