Sensex, Nifty open with losses; Financials drag indices while HCL Tech, other IT stocks gain

All banking and finance stocks were trading with losses on Thursday morning, pulling the equity markets lower.

Equity markets began Thursday’s trading session down in the red following weaker global cues. S&P BSE Sensex was down over 100 points while the Nifty 50 gave up the 11,600 mark. Only HCL Technologies, ONGC, and Asian Paints opened with gains while all other Sensex constituents were trading with losses. Volatility was inching up but was still below the 20 levels. Financials were dragging indices lower with no stock from the banking and finance space gaining. Reliance Industries was trading flat but looking up. Nifty Next 50, Smallcap 50 and Midcap 50 were trading flat.

Financials drag: All banking and finance stocks were trading with losses on Thursday morning, pulling the equity markets lower. HDFC Bank and ICICI Bank were the top index losers. Kotak Mahindra bank and Axis Bank were close to 1% down each. Among BSE Bankex constituents only Federal Bank and City Union Bank were trading with gains. 

Reliance Industries trades flat: Mukesh Ambani’s Reliance Industries shares were trading flat on Thursday morning but with a positive bias. The stock was up 0.10% trading at Rs 2,327 per share. The partly paid RIL shares were, however, seen slipping 0.27%. 

Broader market watch: While Sensex was down in the red, BSE Midcap index was trading with marginal losses and the BSE Smallcap index was up 0.10%. Nifty Next 50 or the Nifty Junior was trading flat and so were Nifty Smallcap and Midcap indices.

Top gainers: As the benchmark index was down with losses, HCL Technologies, Tech Mahindra and Asian paints were the top gainers on BSE Sensex. SAIL and Larsen & Toubro Infotech were the best performing BSE Midcap stocks. Among BSE Smallcap index, Jindal Saw Ltd and Sadhana Nitrochem were up over 9% each. 

IT Stocks gain: On the day when Happiest Minds Technologies, an IT firm debuts on the bourses, other IT stocks were also seen gaining. BSE IT index was up 0.85%. Nifty IT was also trading with gains. 

Technical take: “We opened with a gap down but the trend continues to remain positive. The target of 11800 is still open and one can utilise this dip to enter long positions on the index. The stop would be a closing below 11300,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

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