Sensex, Nifty Edge Lower As IT Stocks Drag
(RTTNews) - Indian shares traded lower on Friday, tracking weak cues from global markets and mixed earnings results from IT giants.
Positive readings on industrial output and retail inflation helped limit overall losses to some extent.
The benchmark S&P BSE Sensex was down 350 points, or half a percent, at 66,054 in early trade, while the broader NSE Nifty index dropped 100 points, or half a percent, to 19,693.
Infosys fell nearly 3 percent after trimming its revenue outlook for FY24. Peers Wipro and Tech Mahindra were down over 1 percent each.
Zee Entertainment Enterprises was marginally lower after NCLAT adjourned the hearing on Axis Finance's plea against Zee-Culver Max merger. Axis Bank shares declined around 2 percent.
HCL Technologies rallied 2.5 percent after reporting better-than-expected profit for the second quarter.
HDFC AMC soared 5 percent on reporting a 20 percent rise in Q2 net profit.
Dr Reddy's Laboratories was down slightly after its Hyderabad manufacturing plant received 9 observations from the U.S. FDA.
SpiceJet rose about 2 percent and InterGlobe Aviation gained about half a percent after data showed domestic air traffic in September rose more than 6 percent compared to the pre-pandemic period and 18.3 percent year-on-year.
Vedanta added half a percent after incorporating a wholly owned subsidiary to implement its demerger scheme.
Maruti Suzuki rose half a percent after the company said it is considering issuing preferential shares for acquiring Suzuki Motor Gujarat Private Limited.
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