Market turns range bound; IT shares decline

Key benchmarks were trading in a narrow range near the day's high in the mid-morning trade. IT stocks witnessed selling pressure. At 11:15 IST, the barometer index, the S&P BSE Sensex, was up 162.25 points or 0.44% at 37,307.7. The Nifty 50 index was up 34.8 points or 0.32% at 11,037.85.

The S&P BSE Mid-Cap index was up 0.69%. The S&P BSE Small-Cap index was up 1.16%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1581 shares rose and 568 shares fell. A total of 109 shares were unchanged.

Shares of IT companies witnessed selling. HCL Technologies (down 2.2%), Wipro (down 1.82%), Infosys (down 1.31%), Tech Mahindra (down 1.24%), Oracle Financial Services Software (down 1.15%), TCS (down 0.92%), Mphasis (down 0.85%), MindTree (down 0.8%), Hexaware Technologies (down 0.42%) and Persistent Systems (down 0.08%) declined.

The S&P BSE IT was down 1.18% at 15,931.30.

Voltas (down 1.02%) and Tata Power (up 0.83%) joined hands to promote energy efficient Air Conditioners for consumers in Mumbai. As part of the exclusive scheme, the consumers can avail up to 50% discount on purchase of Voltas' 5-star rated ACs. The partnership is in line with the group's energy conversation drive. Under this scheme, Tata Power's consumers in the city can exchange their ACs for Voltas' AC. The scheme is open for residential segments of consumers, wherein one AC can be purchased under this scheme, and for the commercial segment, the customer can buy two ACs.

Hydroelectric power generation company NHPC was up 1.04%. The company announced a proposal for raising of debt up to Rs 2500 crore through issuance of corporate bonds in one or more series or tranches on private placement basis or raising of Term Loans/Inter-Corporate Loan/External Commercial Borrowings (ECB) in suitable tranches.

IndusInd Bank gained 2.71% after the bank announced the opening of new branch at Puducherry. With this, IndusInd Bank now has 235 branches across 7 southern states.

Overseas, Asian stocks were trading mixed on Wednesday despite hopes of diminishing US-China tensions and reduced risk of no-deal Brexit.

US stocks ended on a mixed note on Tuesday, with a rally in energy and industrial shares countering a drop in the technology and real estate sectors as investors favoured value over growth.

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