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Market Wrap, November 9: Sensex slips 79 pts, Nifty ends at 10,585; IT stocks weigh
Today on Market Wrap: 1. Sensex slips 79 pts, Nifty ends at 10,585; IT stocks weigh 2. India Cements Q2 net plunges 94 pc to Rs 1.43 cr 3. India Cements Q2 net plunges 94 pc to Rs 1.43 cr
The benchmark indices ended slightly lower on Friday led by a fall in information technology (IT) and metal stocks.
 
The S&P BSE Sensex ended at 35,159, down 79 points, while the broader Nifty50 index settled at 10,585, down 13 points.
 
Among the sectoral indices, the Nifty IT index fell 0.8 per cent weighed by Infosys and Tata Consultancy Services (TCS). The Nifty Metal index slipped 0.9 per cent due to a decline in NMDC. On the other hand, the Nifty Pharma index settled 1.4 per cent higher led by a rise in Sun Pharma.
 
In stock-specific action, Bharti Airtel fell 2.9 per cent to Rs 297 on the BSE after Moody's Investors Service placed it's rating on review for downgrade, following low levels of profitability and expectation of weak cash flow. The stock had fallen as much as 5.21 per cent to Rs 290 on the BSE in intra-day trade.
 
The rupee traded on a firm note during the day, rising to 72.58 per dollar, up from its previous close of 73 against the greenback.
 
Indian retail inflation likely slowed to its slowest pace in 12-months in October after food and fuel costs fell, keeping the official consumer prices gauge below the central bank's medium-term target for a third consecutive month, a Reuters poll found.
 
With the battered rupee gaining slightly against the dollar, a recent cut in fuel taxes and easing global crude oil costs, consumer price inflation likely slowed to 3.67 percent in October from 3.77 percent, according to the poll of 35 economists.
 
India Cements Friday reported 93.95 per cent drop in standalone net profit at Rs 1.43 crore during the quarter ended September 2018.
 
The company had reported a net profit of Rs 23.67 crore in the same quarter of the previous fiscal.
 
Total income of the company stood at Rs 1,390.84 crore during second quarter of 2018-19 fiscal. It was Rs 1,274.9 crore in the year-ago period, India Cements said in a BSE filing.