IT stocks drop

Key benchmark indices traded near intraday low in mid-morning trade as pivotals remained gripped in selling pressure. At 11:20 IST, the barometer index, the S&P BSE Sensex, was down 348.58 points or 0.98% at 35,125.93. The Nifty 50 index was down 82.05 points or 0.77% at 10,574.15. Shares of index heavyweight Reliance Industries dropped. IT stocks declined. Subdued Asian indices weighed adversely on the domestic bourses.

Domestic stocks began trading on a negative note on subdued Asian indices. A sudden sell-off in index pivotals dragged indices to intraday low in morning trade.

The S&P BSE Mid-Cap index was up 0.14%. The S&P BSE Small-Cap index was off 0.26%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 916 shares rose and 1193 shares fell. A total of 111 shares were unchanged.

Index heavyweight Reliance Industries lost 2.42% to Rs 1,111.15

IT stocks dropped. TCS (down 3.47%), Infosys (down 3.51%), Wipro (down 1.51%), HCL Technologies (down 2.43%), Oracle Financial Services Software (down 0.29%), Tech Mahindra (down 2.69%), L&T Infotech (down 5.14%), MindTree (down 2.69%), Hexaware Technologies (down 1.93%) and Mphasis (down 1.99%) declined.

Rajesh Exports rose 0.10%. Rajesh Exports bagged order for its products for a value of Rs 933 crore. The order has been procured from a white label importer from UAE. The order is to be completed by March 2019. The company will be executing the order from its manufacturing facility. The announcement was made before trading hours today, 21 November 2018.

Overseas, Asian stocks fell after another tumble on Wall Street, where concerns have spread to the corporate-bond market. US stocks closed sharply lower Tuesday, extending a pre-Thanksgiving rout that has been fueled mostly by a selling in shares of technology and internet-related companies. US financial markets will be closed Thursday for the Thanksgiving Day holiday and see an early close Friday.

On the US data front, housing starts came in at a 1.228 million seasonally adjusted annual rate in October, while permits came in at a 1.263 million rate. Year-over-year, growth in housing starts has steadily slowed in 2018.

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