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IT stocks buck weak market trend

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Fresh selling in index pivotals pulled the key indices to day's low in mid-morning trade. At 11:28 IST, the barometer index, the BSE Sensex, was down 183.45 points or 0.51% at 36,057.55. The index was down 37.70 points or 0.35% at 10,846.05. IT stocks gained. Most Asian stocks fell.

Key equity benchmarks drifted lower in early trade as profit booking emerged on the bourses after six straight days of gains. Stocks hovered in a small range in negative zone in morning trade.

Data showing that local funds were net sellers of Indian stocks also weighed on the sentiment. The trading activity on that day showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 293.12 crore yesterday, 3 December 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 806.45 crore yesterday, 3 December 2018, as per provisional data.

The BSE Mid-Cap index was up 0.05%. The BSE Small-Cap index was up 0.21%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, turned negative from positive. On the BSE, 1019 shares rose and 1076 shares fell. A total of 118 shares were unchanged.

IT stocks gained. (up 3.52%), (up 1.11%), (up 2.3%), (up 1.04%), (up 2.6%), (up 0.06%), (up 1.45%) edged higher. (down 0.08%) and (down 0.31%) fell.

Industries rose 0.31% on bargain hunting after the company issued a clarification to the bourses. Industries said that over the last one week, there have been some on around a note issued by one of the securities firm and a potential whistleblower complaint against the company.

With reference to allegations that one of the partners of an audit firm of (Valia & Timbadia) was investigated in a stock price rigging case, the company clarified that none of the partners of this audit firm or the firm itself was a party to this investigation. With reference to news reports of a whistleblower complaint filed against with Sebi, the company clarified that as of now, it has not received any query related to this from Sebi.

With reference to a question is being raised about an case which was settled with Sebi regarding the acquisition, the company clarified that it has not been involved in any norm violations relating to the deal. With reference to news reports about Sebi likely to re-open the old case, the company clarified that it has not received any information from Sebi in this regard.

With reference to concerns being raised about Sun Pharma's low single digit tax rate, the company clarified that this was the case many years back and now its effective tax rate is in mid-teens. With reference to queries on loans and advances given to non-related parties which have increased significantly in FY2018, the company clarified that these are loans and advances given in the normal course of business at arms-length basis at market interest rates and at market terms and conditions.

rose 5.18%. announced that its global film arm, FlexFilms, has been granted Patent covering entire categories of formable films that include one or more BOPET layers used in Alu Alu blister packaging. The patent was issued to on 20 November 2018 for a period of 20 years, lending a competitive advantage to the films business of the company over its opponents in cold formed With the patent issuance, the company gets exclusive right of and sale of this special BOPET film in US, and The announcement was made after market hours yesterday, 3 December 2018.

Overseas, most Asian stocks were trading lower following Monday's jumps across the region, signaling fading investor applause for the US-trade truce. US stocks closed higher Monday, after the US and over the weekend called a temporary truce to their trade war.

A trade standoff between the US and saw a breakthrough at the meeting in Argentina, a gathering that included a highly-anticipated dinner between and Chinese leader The two sides agreed to launch negotiations to reduce trade tensions and discuss forced technology transfer, intellectual-property protection, non-tariff barriers, and cyber and agriculture issues, among other concerns.

Meanwhile, and Nasdaq will remain closed Wednesday as a of mourning will be held in memory of former

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, December 04 2018. 11:30 IST