Barometers trade in narrow range; IT stocks slide

Key indices traded in a narrow range with marginal gains in morning trade. The Nifty a stiff resistance at 11,480 level. At 10:25 IST, the barometer index, the S&P BSE Sensex, was up 74.44 points or 0.19% at 38,673.43. The Nifty 50 index was up 7.55 points or 0.07% at 11,471.55. Gains in Asian stocks underpinned sentiment on domestic bourses.

The broader market outperformed the key benchmarks. The S&P BSE Mid-Cap index was up 0.47%. The S&P BSE Small-Cap index was up 0.21%.

The market breadth was positive. On the BSE, 908 shares rose and 777 shares fell. A total of 120 shares were unchanged. In Nifty 50 index, 24 stocks advanced while 26 stocks declined.

Zee Entertainment Enterprises (up 1.25%), TVS Motor Company (down 1.08%), Jay Bharat Maruti (up 0.95%), PVR (up 1.3%), Force Motors (up 0.88%) and Cyient (up 0.66%) will announce their Q2 September 2019 earnings today.

Debt ridden DHFL (down 3.96%) will announce its results today.

Most IT companies edged lower in morning trade. The Nifty IT index fell 1.03% to 15,186.60.

HCL Technologies (down 1.37%), Hexaware Technologies (down 1.21%), Zensar Technologies (down 1.11%), Tech Mahindra (down 0.95%), Infosys (down 0.56%), Wipro (down 0.4%), Mphasis (down 0.11%) and Oracle Financial Services Software (down 0.1%) declined.

L&T Infotech (down 0.33%) will announce its Q2 earning today.

MindTree was down 2.46% after the company announced its Q2 figures after trading hours yesterday, 16 October 2019. Consolidated net profit jumped 45.63% to Rs 135 crore on a 4.19% rise in total income to Rs 1,934 crore in Q2 September 2019 compared with Q1 June 2019.

Hathway Cable & Datacom advanced 3.98% after the company announced a robust Q2 earnings after market hours yesterday. On a consolidated basis, the cable broadband service provider reported a net loss of Rs 3.99 crore in Q2 September 2019 as against a net loss of Rs 73.23 crore in Q2 September 2018. Net sales rose 13% to Rs 442.11 crore in Q2 September 2019 over Q2 September 2018.

KNR Constructions was down 1.75% to Rs 221.9 after the National Highway Authority of India terminated its contract with company's arm, KNR Chidambaram Infra with effect from 11 April 2019. The company has not given further clarification about the termination.

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