IT, telecom stocks witness mixed trend

Key benchmark indices traded with small losses in mid-morning trade. At 11:15 IST, the barometer index, the S&P BSE Sensex lost 16.43 points or 0.05% at 32,407.33. The Nifty 50 index fell 8.80 points or 0.09% at 10,144.30.

Key indices started the session with small gains amid positive global cues. Later, indices hovered near the flat line with small losses. The Nifty had hit a record high in early trade.

Among other indices, the S&P BSE Mid-Cap index rose 0.24%. The S&P BSE Small-Cap index advanced 0.31%. Both these indices outperformed the Sensex.

The breadth, indicating the overall health of the market, was positive. On the BSE, 1,134 shares rose and 1,074 shares declined. A total of 130 shares were unchanged.

IT stocks were mixed. HCL Technologies (down 0.54%), TCS (down 0.22%) and Oracle Financial Services Software (down 0.03%) declined. Wipro (up 0.61%) and Tech Mahindra (up 0.35%) edged higher.

Infosys rose 0.28% at Rs 910.95 after the company and The CMA CGM Group, a world leader in container shipping announced a strategic seven-year partnership which will simplify and transform CMA CGM's IT applications and improve customer service experience. The announcement was made after market hours yesterday, 18 September 2017.

Telecom and telecom tower infrastructure stocks were mixed. Bharti Infratel (up 0.72%) and Idea Cellular (up 0.42%) advanced. Reliance Communications (down 2.23%) and Bharti Airtel (down 0.32%) declined.

Tata Motors surged 4.39% at Rs 423.15. The stock hit a high of Rs 425.25 and a low of Rs 415 so far.

Bharat Gears advanced 2.46% at Rs 164.25 after the company said that the Finance Committee of Board of Directors of the company at its meeting held yesterday, 18 September 2017 approved the issue of 3.25 lakh equity shares to Surinder P. Kanwar, promoter of the company on preferential basis. The price of the issue will be arrived at later as per Sebi provisions. The announcement was made after market hours yesterday, 18 September 2017.

In the economic news, the number of foreign tourist arrivals (FTAs) rose 11% to 7.24 lakh in August 2017 over August 2016, data released by the Ministry of Tourism after market hours yesterday, 18 September 2017 showed.

Overseas, most Asian stocks edged lower as investors awaited clues from the Federal Reserve on future monetary policy. US stocks registered fresh record closing high yesterday, 18 September 2017 as investors looked ahead to the outcome of a key Federal Reserve meeting tomorrow, 20 September 2017. Market participants are largely expecting interest rates to remain unchanged. However, Fed is expected to announce the unwinding of its $4.5 trillion balance sheet.

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