Sensex, Nifty hit day's low; IT stocks tumble

Key barometers drifted to the day's low in morning trade. The Nifty slipped below 11,950 level and descended towards 11,900 mark. IT stocks witnessed steep selling. At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 143.57 points or 0.35% at 40,431.60. The Nifty 50 index was down 46.35 points or 0.39% at 11,922.05.

The S&P BSE Mid-Cap index was down 0.39%. The S&P BSE Small-Cap index was up 0.13%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 855 shares rose and 972 shares fell. A total of 96 shares were unchanged.

Buzzing Index:

The Nifty IT index was down 2.29% at 14,943.20. Infosys (down 3.57%), MphasiS (down 3.29%), Tech Mahindra (down 2.17%), HCL Technologies (down 2.13%), Hexaware Technologies (down 1.83%), TCS (down 1.7%), Wipro (down 1.62%), MindTree (down 1.42%), Zensar Technologies (down 1.37%) and Oracle Financial Services Software (down 0.44%) were top losers in IT segment.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 71.75, compared with its close of 71.765 during the previous trading session.

Stocks in Spotlight:

State-run NTPC rose 2.87% to Rs 118.4 after a foreign brokerage house upgraded stocks rating to 'Overweight' from 'Equalweight'. The brokerage house also hiked the price target from Rs 146.7 to Rs 152. Price target was hiked by foreign brokerage on the back of reducing fixed costs under-recovery, potential government stake sale and an attractive risk-reward ratio.

Finolex Cables was up 1.24% at Rs 360. The company announced a new range of Electrical Accessories that with fortify company's product offering. The company introduced a range of electrical wire accessories like Door Bell, Extension Box, Spike Guard, Angle Holders, Batten Holders, etc to satisfy the growing demand for quality electrical products.

Primary Market:

Kerala based Catholic Syrian Bank will launch its initial public offering (IPO) for subscription on bourses today, 22 November 2019. The issue will close on 26 November 2019. The price band for the IPO is fixed at Rs 193-195 per share. Investors can bid a minimum lot of 75 shares and in multiples of 75 shares thereafter. The bank aims to raise Rs 409.68 crore.

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