Barometers pare early gains; IT stocks correct

Key indices pared early gains and slipped into negative terrain in morning trade. The Nifty descended towards 12,250 level. IT stocks were under pressure. At 10:21 IST, the barometer index, the S&P BSE Sensex, was down 1 points at 41,641.61. The Nifty 50 index was down 2.6 points or 0.02% at 12,260.15.

The S&P BSE Mid-Cap index was down 0.04% and the S&P BSE Small-Cap index was up 0.11%.

The market breadth was positive. On the BSE, 918 shares rose and 809 shares fell. A total of 118 shares were unchanged. In Nifty 50 index, 32 stocks advanced while 18 stocks declined.

Politics:

The Jharkhand Mukti Morcha's (JMM) legislature party will reportedly elect its leader at a meeting in Ranchi on Tuesday. JMM fought the election in alliance with Congress and Lalu Prasad's Rashtriya Janta Dal (RJD) to win a comfortable majority with 47 seats.

Jharkhand Mukti Morcha's (JMM) won 30 seats, Congress 16 and RJD one seat in the election. BJP, which went solo, won 25 seats.

Legislative Assembly elections were held in Jharkhand from 30 November to 20 December 2019 to elect the 81 members of Legislative Assembly. The election results were declared on Monday.

Buzzing Index:

The Nifty IT index was down 0.33% at 15,813.05, snapping its seven-day winning streak on profit booking. The index surged 5.96% in seven consecutive trading days.

HCL Technologies (down 1.72%), Zensar Technologies (down 1.06%), Tech Mahindra (down 0.75%), Wipro (down 0.69%), Hexaware Technologies (down 0.65%), Mphasis (down 0.52%), MindTree (down 0.33%), Infosys (down 0.29%) and TCS (down 0.21%) were top losers in IT segment.

Stocks in Spotlight:

Dish TV India is banned from trading in NSE's F&O segment for today after the security crossed 95% of market wide position limit. Dish TV was trading 0.36% higher at Rs 13.89.

Indian Railway Catering and Tourism Corporation (IRCTC) rose 2.27% to Rs 884.1 after the railway company revised tariff structure on standard meals on static units on Indian Railways. IRCTC has also signed a Memorandum of Understanding (MoU) with Hotel and Restaurant Association of Northern India (HRANI) on Monday, 23 December 2019 for listing the of HRANI member hotels and their room rate inventory for sales on IRCTC portal. The disclosure made after trading hours yesterday, 23 December 2019.

Shares of Dilip Buildcon were up 0.25% at Rs 401. Dilip Buildcon announced that it has executed the EPC agreement on 20 December 2019 with the Uttar Pradesh Expressways Industrial Development Authority (UPEIDA). The Rs 1362.06 crore project entails development of Bundelkhand Expressway Project from Bakhariya (Dist. Auraiya) to Kudrail (Dist. Etawah) access controlled (greenfield) expressway project.

Lemon Tree Hotel signed a license agreement for a 55 room upcoming Hotel at Hill Cart Road in Darjeeling under the company's brand Lemon Tree Hotel. The hotel will add to the portfolio of hotels in West Bengal which include operating hotels in Kolkata and Siliguri. The Hotel is located on Hill Cart Road in Darjeeling and will feature 55 well-appointed rooms and suites complemented by a multi-cuisine restaurant a bar meeting and conference spaces and recreational facilities. The hotel project owned by SGB Developers is in the greenfield stage and is expected to open in September 2022. The Hotel shall be operated through its subsidiary and management arm, Carnation Hotels.

Shares of Lemon Tree Hotel were up 3.81% at Rs 64.10.

Powered by Capital Market - Live News