Moneycontrol News

Bulls looked tired in yesterday’s trading session and it looks like they have taken a day off on Thursday as Nifty50 slipped below its crucial psychological support placed at 10,700 levels and closed tad below its immediate support placed at 10,680 on Thursday.

The S&P BSE Sensex slipped 73 points, led by massive fall in IT names led by Wipro, Infosys, and TCS. HCL Technologies, which is part of Nifty constituents, plunged 7.4 percent, losing Rs 10,435 crore in market capitalisation in one trading session.

The IT major fell for the second consecutive day in a row post Q4 results. Some brokerage firms downgraded the stock and reduced their respective target price.

Most brokerage houses downgraded the stock and also slashed target prices after March quarter earnings. Nomura has downgraded HCL Tech to neutral with reduced target price at Rs 1,060 from Rs 1,100 earlier.

The Nifty50 closed 38 points lower or 0.36 percent at 10,679\. It fell to an intraday low of 10,647.45 and a high of 10,720.60.

Sectorally, the S&P BSE Metal index rose 0.8 percent, followed by the S&P BSE banks which gained 0.2 percent, and the S&P BSE PSU index was up 0.18 percent.

The S&P BSE Realty index slipped 1.79 percent, followed by the S&P BSE IT index which fell by 1.6 percent, and the S&P BSE Capital Goods index dropped 1.6 percent.

The S&P BSE Midcap index slipped 1.1 percent while the S&P BSE Smallcap index plunged 0.8 percent.

Top Sensex gainers include names like Sun Pharma (up 3.6 percent), NTPC (up 2.3 percent), Tata Steel (up 1.8 percent), Axis Bank (up 1.7 percent), and ICICI Bank (up 1.7 percent).

Top Sensex losers include names like Wipro (down 2.3 percent), Kotak Bank (down 1.9 percent), L&T (down 2.3 percent), Infosys (down 1.3 percent), and Asian Paints (down 1.2 percent).