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Sensex slips 164 pts, IT shares decline

Published on May 17, 2023 10:35

The frontline indices declined further and hit the day`s low in morning trade. The Nifty traded a tad below the 18,250 mark after hitting the day`s high of 18,309 in early trade. IT shares witnessed profit booking after rising in the past two trading sessions.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 164.05 points or 0.26% to 61,768.42 . The Nifty 50 index shed 38.05 points or 0.21% to 18,248.45.

In the broader market, the S&P BSE Mid-Cap index shed 0.09% while the S&P BSE Small-Cap index gained 0.26%.

The market breadth was positive. On the BSE, 1,771 shares rose and 1,328 shares fell. A total of 154 shares were unchanged.

Results Today:

Jubilant FoodWorks (down 1.25%), REC (up 0.23%), Deepak Fertilisers & Petrochemicals Corporation (up 0.10%), Devyani International (up 0.16%), Endurance Technologies (up 0.09%), Eris Lifesciences (up 0.20%), Glaxosmithkline Pharmaceuticals (up 0.43%), Honeywell Automation India (up 0.10%), Jindal Saw (down 0.26%), JK Tyre & Industries (up 0.10%), Jindal Stainless (up 0.02%), MTAR Technologies (up 2.33%), Quess Corp (up 2.01%), RailTel Corporation of India (up 1%), Sterlite Technologies (down 0.03%), Thermax (up 2.35%), Vaibhav Global (down 0.12%), and Whirlpool of India (down 0.63%) will announce their quarterly earnings later today.

Buzzing Index:

The Nifty IT index declined 0.54% to 28,062.80. The index added 0.67% in the past two trading sessions.

Mphasis (down 0.8%), HCL Technologies (down 0.77%), Wipro (down 0.76%), Infosys (down 0.7%), Tata Consultancy Services (down 0.53%), Coforge (down 0.33%), Tech Mahindra (down 0.21%), LTI Mindtree (down 0.12%) and L&T Technology Services (down 0.06%) edged lower.

Stocks in Spotlight:

Bharat Petroleum Corporation (BPCL) advanced 1.21% after the PSU OMC said that its board has approved capital expenditure proposals worth Rs 52,731 crore. The company`s board has approved the ethylene cracker project at Bina refinery including downstream petrochemical plants and expansion of refinery at a gross capital expenditure of approximately Rs 49,000 crore.

Amber Enterprises jumped 10.52% after the company reported 81.7% jump in consolidated net profit to Rs 103.98 crore in Q4 FY23 as compared with Rs 57.22 crore in Q4 FY22. Revenue surged 55% to Rs 3,002.62 crore in Q4 FY23 as compared with Rs 1,936.69 crore in corresponding quarter last year.

LIC Housing Finance (LICHFL) tumbled 6.06%. The housing finance company reported 5.51% rise in net profit to Rs 1,180.28 crore on a 21.05% increase in revenue from operations to Rs 6,415.11 crore in Q4 FY23 as compared with Q4 FY22.

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