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Last Updated : Jul 05, 2018 12:52 PM IST | Source: Moneycontrol.com

Market Update: Nifty IT underperforms with Infosys down 5%; DEN Networks, Hathway down 8-10%

141 stocks have hit new 52-week low including BHEL, DEN Networks, Dena Bank, Grasim Industries, Hathway Cable, Finolex Industries, Kwality, Max Financial, Punj Lloyd and Tata Motors among others.

The Indian benchmark indices have slipped into the red this Thursday afternoon with the Nifty shedding 23 points and is trading at 10,746 mark. The Sensex is trading lower by 81 points at 35,564.

The metal and the IT index are the biggest drag to the market weakness. The top IT losers include names like Infosys which is down over 5 percent followed by KPIT Tech, Tech Mahindra and Wipro.

The top metal losers include names like NALCO, Hindustan Zinc, Jindal Steel and Power, SAIL, Tata Steel, Vedanta and Hindalco Industries.

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After the 41st AGM, Reliance Industries has slipped into the red which has also dragged the Nifty energy index down. The other stock which have lost some ground include GAIL India.

Following the launch of JioGigaFiber and registering a customer base of 215 million, other telecom stocks have come under pressure. Bharti Airtel is down 1.5 percent while Idea Cellular is trading flat. DEN Networks and Hathway Cable have fallen 8-10 percent.

Nifty realty is down 1 percent with loses from DLF, Godrej Properties, HDIL, Phoenix Mills, Prestige Estates, Sobha and Unitech.

However, Nifty metal is down over 1 percent dragged by Hindustan Zinc, Hindalco Industries, Jindal Steel & Power, NALCO, Tata Steel and Vedanta.

The top gainers among Nifty constituents were Yes Bank, UltraTech Cement, ITC, HPCL and Hero MotoCorp which gained 1-2 percent.

The most actively traded stocks on the NSE are Reliance Industries, Infosys, Shriram Transport, Maruti Suzuki and Titan Company.

The top NSE losers included Infosys, Titan Company, Vedanta, Tata Motors and Bharti Airtel.

Some of the top gainers on BSE are IL&FS Transport which jumped 10 percent followed by Future Lifestyle, GATI, Firstsource Solutions and Muthoot Finance.

The top losers included Hathway which tanked 12 percent while DEN Networks is trading lower by 8 percent. HCC, Titan Company and Vakrangee are the other losers.

Britannia Industries, Graphite India, Hindustan Unilever and HEG are some of the very few stocks that hit fresh 52-week high in the afternoon trade.

On the other hand, 141 stocks have hit new 52-week low including BHEL, DEN Networks, Dena Bank, Grasim Industries, Hathway Cable, Finolex Industries, Kwality, Max Financial, Punj Lloyd and Tata Motors among others.

The breadth of the market favoured declines, with 712 stocks advancing, 962 declining and 385 remaining unchanged. On BSE, 986 stocks advanced, 1319 declined and 155 remained unchanged.

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

 
First Published on Jul 5, 2018 12:52 pm
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