Equity indices in negative zone, Indiabulls Housing Finance falls by 8.3 pc

Equity benchmark indices were in the negative zone during early hours on Friday led by a drop in IT and metal stocks.

At 10:15 am, the BSE S & P Sensex was down 206 points at 37,105 while the Nifty 50 edged lower by 64 points to 10,966. At the National Stock Exchange, all sectoral indices were in the red with Nifty metal down by 1.7 per cent, media by 1.3 per cent and IT by 1.1 per cent.

Among stocks, Indiabulls Housing Finance plunged by 8.3 per cent to Rs 505.60 per share while Hindalco slipped by 3 per cent, Vedanta by 2.5 per cent, JSW Steel by 1.7 per cent and Tata Motors by 1.5 per cent. IT major Wipro was down by 1.4 per cent at Rs 247.50 per share.

But Yes Bank was up by 1.6 per cent and UPL by 1.5 per cent. FMCG major ITC, ONGC and Bajaj Finance witnessed marginal gains.

Meanwhile, Asian shares gained some ground after a turbulent week as China hinted at more fiscal support for its economy. MSCI's broadest index of Asia Pacific shares outside Japan edging up by 0.2 per cent though it was still down 1 per cent for the week.

Japan's Nikkei was firmer by 0.09 per cent Shanghai blue chips rose 0.7 per cent. The US-China trade dispute remained a drag after Beijing vowed a day earlier to counter the latest tariffs on 300 billion dollars of Chinese goods.

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