Nifty slips below 10,550 mark; BEML, RCom stocks down

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The Nifty50 lost further ground and is heading straight towards the 10,500 psychological mark. Its immediate support is also seen around the 10,475 its 100-DEMA. Bank Nifty, on the other hand, has broken below its 21-DEMA indicating weakness. Immediate support is now seen at its 50-DEMA of 25,460 levels.

At 1:40 PM, the Sensex was trading at 34,710, down 128 points, while the broader Nifty50 was ruling at 10,535, down 61 points. All sectoral indices are in the red, barring IT and PSU Bank.

Shares of Ashok Leyland declined as much as 8% on Monday after the company reported lower-than-expected numbers for Q4FY18. The company's standalone net profit in the fourth quarter of the financial year 2017-2018 declined 18% yoy to Rs661cr.

The Nifty IT Index is trading higher in an otherwise subdued market.  Shares of MindTree, TCS and HCL Tech were trading up in the range of 1-2%.

Shares of Century Textiles & Industries (CTIL) stock hit a 52-week low on the NSE. The company announced to demerge its cement business (13.4MTPA) and merge it with UltraTech, as the company looks at debt reduction and focus more on its real estate business.

Shares of TCS up 2% on the NSE after the company fixed June 2, 2018 as the record date for determining the entitlement of members to receive bonus shares in the ratio of 1:1. The stock is currently trading at Rs3,560.70 up by Rs58.35 or 1.67% from its previous closing of Rs3,502.35 on the BSE.

Shares of IndoStar Capital Finance made a good debut. The stock was listed at Rs600, a 5% premium against its issue price of Rs572 on the NSE and the BSE.

In the broader market, the BSE Midcap and the BSE Smallcap indices underperformed to lose 1.22% and 2.09%, respectively.

Infratel (+1.9%), TCS (+1.6%), Coal India (+1.4%), SBI (+1.3%) and BPCL (+1.3%) were the top gainers on the NSE.

UPL (-3.3%), Dr.Reddy’s (-2.7%), Vedanta (-2.6%), Zee (-2.5%) and Sun Pharma (-2.4%) were the top losers on the NSE.

Out of 2,055 stocks traded on the NSE, 320 advanced, 1,389 declined and 349 remained unchanged today.


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