Sensex, Nifty trade lower; PSU Bank, IT stocks rally

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Benchmark equity indices remained under pressure, with the Nifty falling below the 10,500 levels following weakness in global stocks.

Metals, oil stocks and HDFC twins pulled the market lower, but SBI, ICICI Bank, Tata Motors and technology stocks capped losses.

Shares of Vedanta extended decline after Madras High Court halted Sterlite Copper's expansion plan in Tuticorin, Tamil Nadu.

At 1:37 PM, the BSE Sensex was down 87 points at 35,574, and the Nifty was down 43 points at 10,494.

State Bank of India stock rallied 5% after the bank posted its Q4FY18 numbers. The bank’s revenue has improved by 18.6% yoy to Rs68,436cr. Its NII for the quarter came at Rs19,974cr as against Rs21,065cr yoy.

Shares of Minda Industries Limited (MIL) stock surged 8% after it reported a power-packed performance for Q4FY18. The company surpassed consensus estimate on all three counts – revenue, EBITDA and PAT.

In the broader market, the BSE Midcap was marginally higher by 0.23%, while the BSE Smallcap was marginally up by 0.43%.

Out of 2,048 stocks traded on the NSE, 894 advanced, 760 declined and 469 remained unchanged today.

SBI (+5.6%), Cipla (+3.4%), Tech Mahindra (+2.8%), Tata Motors (+2.2%) and ICICI Bank (+2.1%) were the top gainers on the NSE.

HPCL (-6%), BPCL (-5.9%), Vedanta (-4.5%), IOC (-3.8%) and Tata Steel (-3.6%) were the top losers on the NSE.


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