Nifty IT underperforms dragged by KPIT Tech; SBI sheds 2%, metals shine

185 stocks have hit new 52-week low including names like 8K Miles Software Services, Dish TV, Finolex Cables, Jet Airways, MEP Infra, Rolta India, Suzlon Energy and Vakrangee among others.

The Indian stock market this Wednesday afternoon continues to remain in the red with the Nifty50 is up down 37 points and is trading at 11,030 while the Sensex is trading lower by 177 point at 36,475.

At 14:40 hrs, the IT index is down close to 2 percent dragged by KPIT Tech, HCL Tech, Tata Elxsi, Oracle Financial Services and Wipro.

The auto index is down 1 percent dragged by Motherson Sumi Systems and Tata Motors which fell 3 percent each, Bosch down 2 percent followed by TVS Motor, Bajaj Auto and Maruti Suzuki.

The FMCG index is down 1.5 percent dragged by ITC which shed 2 percent while Hindustan Unilever is down 1 percent. Tata Global Beverage, Britannia Industries, Godrej Industries and Dabur India are the other losers.

Nifty PSU banks is down 1.5 percent with loses from State Bank of India which shed 2 percent while Andhra Bank is down 1.5 percent.

Metals stocks are however shining led by Hindalco Industries, Jindal Steel & Power, JSW Steel, NALCO, NMDC, Vedanta and Tata Steel.

Nifty realty is the outperforming sector, up 2 percent led by Unitech which jumped 7 percent followed by Godrej Properties and HDIL which added 4 percent each. The other gainers include Oberoi Realty and Indiabulls Real Estate.

The top NSE gainers include names like Indiabulls Housing Finance which jumped 7 percent while UPL, Vedanta and GAIL India are the other gainers.

The top NSE losers are Bharti Infratel, Tata Motors, Wipro, ITC and HCL Tech.

The most active stocks are DHFL, YES Bank, Indiabulls Housing Finance, HDFC Bank and Vedanta.

Biocon, Divis Labs and Monnet Ispat are few stocks which hit new 52-week high this Wednesday afternoon.

On the other hand, 185 stocks have hit new 52-week low including names like 8K Miles Software Services, Dish TV, Finolex Cables, Jet Airways, MEP Infra, Rolta India, Suzlon Energy and Vakrangee among others.

The breadth of the market favoured declines, with 858 stocks advancing, 878 declining and 322 remaining unchanged. On BSE, 1268 stocks advanced, 1273 declined and 174 remained unchanged.

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Source:https://www.moneycontrol.com/news/business/markets/d-street-buzz-nifty-it-underperforms-dragged-by-kpit-tech-sbi-sheds-2-metals-shine-2988561.html