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IT stocks fall

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Key indices cut losses in mid-afternoon trade as European stocks rose in early trade. At 14:15 IST, the barometer index, the S&P BSE Sensex, was down 83.17 points or 0.23% at 35,950.94. The Nifty 50 index was down 28.20 points or 0.26% at 10,765.45. IT stocks fell.

Domestic stocks drifted lower in early trade on selling pressure in index pivotals. Key indices extended decline in morning trade. Stocks hovered in negative zone in mid-morning trade. Key equity indices trimmed losses after hitting fresh intraday low in afternoon trade.

The S&P BSE Mid-Cap index was up 0.41%. The S&P BSE Small-Cap index was up 0.1%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 1031 shares rose and 1381 shares fell. A total of 113 shares were unchanged.

IT stocks fell. TCS (down 1.35%), Infosys (down 1.29%), Wipro (down 0.19%), HCL Technologies (down 0.39%), Oracle Financial Services Software (down 6.74%), Tech Mahindra (down 0.79%) declined. Hexaware Technologies (up 0.65%) rose.

L&T rose 0.45%. L&T Construction said that the company was awarded significant contracts for the Power Transmission & Distribution and Water & Effluent Treatment Businesses. The announcement was made during market hours today, 14 February 2019.

Mahindra & Mahindra (M&M) fell 0.87%. M&M today launched new SUV, the XUV300 at an ex-showroom starting price of Rs 7.90 lakh for the Petrol W4 variant and Rs 8.49 lakh for the Diesel W4 variant (one price applicable across India). The announcement was made during market hours today, 14 February 2019.

ONGC was down 0.52% ahead of its Q3 results today, 14 February 2019.

On the data front, India's wholesale price inflation (WPI) cooled to 2.76% in January from 3.8% in December, data released on Thursday showed. It was 3.02% in January last year.

Overseas, European stocks were higher on Thursday amid a flurry of earnings results. Meanwhile, lawmakers in the U.K. are set to debate and vote on the next steps in the Brexit process later in the session.

Most Asian stocks were trading lower Thursday as investors awaited the outcome of high-level trade talks between the U.S. and China, and data on the Chinese economy. A third day of bilateral trade negotiations were under way in Beijing, with Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer expected Thursday for more high-level discussions.

On the data front, China's exports unexpectedly accelerated last month, official data released on Thursday showed. The country's exports surged 9.1% from a year earlier in January, reversing a 4.4% decline in December. Imports dropped 1.5% in January, following a 7.6% decrease in December. China's trade surplus with all trading partners stood at $39.16 billion in January, much smaller than the $57.06 billion surplus recorded in December.

The Japanese economy rebounded in the final quarter of 2018 due to solid spending by households and companies. The economy expanded at an annualized rate of 1.4% in the October-December period following a 2.6% contraction in the previous quarter, government data showed Thursday. The economy grew 0.3% from the quarter before.

U.S. stocks closed higher Wednesday, trimming gains but with the S&P 500 and Nasdaq rising for a fourth straight session, on hopes that negotiators will come close to a deal after trade talks. US President Donald Trump said Tuesday that he would allow for flexibility on the timeline for a deal with China if an agreement looks close. Meanwhile, Chinese President Xi Jinping is reportedly expected to meet key members of the U.S. delegation on Friday.

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

First Published: Thu, February 14 2019. 14:23 IST