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Last Updated : May 03, 2019 07:56 PM IST | Source: Moneycontrol.com

An evening walk down D-St: Indices end lower for the week; IT stocks drag

Sensex and Nifty ended 0.3 percent on the lower side for the week

Sandip Das @Im_Sandip1
 
 
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Benchmark indices gave up intraday gains in the final hour of trading. At close, the Sensex was down 18.17 points at 38,963.26, while Nifty was down 12.50 points at 11,712.30. About 1,027 shares advanced, while 1,462 shares declined, and 190 shares remained unchanged.

Among sectors, FMCG, IT, pharma and metal indices ended in the red, while some buying was seen in the auto, bank, energy and infra.

Sensex and Nifty ended 0.3 percent on the lower side for the week. The market breadth was in favour of declines as advance-decline ratio stood at 2:3.

IT stocks came under pressure as Cognizant lowered its CY19 growth guidance.

On the other hand, ICICI Bank was the top Nifty gainer ahead of earnings on Monday.

"Market started on a positive note supported by strong rupee and fall in oil prices. However, gains were capped due to the premium valuation. While fall in 10-year yield led the bank index to outperform, the market is likely to stay range-bound due to weak global cues while better quarter results may provide an opportunity to accumulate," said Vinod Nair, Head of Research at Geojit Financial Services Ltd.

"The choppy trend continued in the market and Nifty closed on a slightly negative note. The broader high low range of 11,790-11,650 levels is intact and fresh momentum is expected to strengthen only beyond this range," said Nagaraj Shetti – Senior Technical & Derivative Analyst at HDFC Securities.

Stocks in the news:

Shares of Bombay Dyeing rose 5 percent after the company turns profitable in the quarter ended March 2019. The company reported a profit of Rs 1,253.33 crore in Q4FY19 against loss of Rs 159.38 crore in Q3FY19.

Britannia Industries fell 2 percent after brokerages including CLSA and Credit Suisse cut the target price after the company announced its Q4 earnings. The company's Q4 net profit was up 12 percent at Rs 294.3 crore against Rs 263 crore. Revenue was up 10.3 percent at Rs 2,799 crore versus Rs 2,537.5 crore.

DLF surged more than 3 percent after the realty major transferred a shopping mall in Noida to its subsidiary firm for Rs 2,950 crore. In a regulatory filing, DLF informed that the company has transferred its property, Mall of India, Noida to one of its subsidiaries Paliwal Real Estate Ltd, in the ordinary course of business at an arm's length consideration of Rs 2,950 crore, arrived on the basis of the valuation report of an independent valuer.

Global Update:

European markets are trading with marginal gains on Friday ahead to payrolls data in the US.

Asian markets ended mixed on the back of overnight losses from Wall Street. Hang Seng gained 0.46 percent at 30,081.55, while Kospi slipped 0.74 percent at 2,196.32.

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First Published on May 3, 2019 04:58 pm
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