Markets open lower tracking global peers and selling in IT stocks
Upstox
3 min read • Updated: March 19, 2024, 10:15 AM
Summary
Indian markets opened lower largely led by losses in IT stocks. TCS’s largest shareholder Tata sons plans to sell stake in the company through a block deal. The broader indices opened muted in tandem with the benchmark indices
Indian markets opened lower tracking global peers and amid sell-off across the board. The Asian markets are trading lower with Kospi and Hang Seng index trading lower by 1% and more. The US markets closed in green, largely driven by a rally in tech stocks.
The Bank of Japan raised interest rates for the first time from 0% to 0.1%.
The Indian markets closed in green on Monday amid a highly volatile session, largely led by a rally in metal stocks. The FIIs remained net sellers on Monday with a ₹2,051 crore, while the DIIs bought shares worth ₹2,260 crores.
On the broader indices front, The NIFTY Midcap 100 and NIFTY small cap 100 index opened lower in tandem with benchmark indices. The NIFTY midcap index is trading lower by 0.2% and NIFTY smallcap 100 is trading 0.1% lower on Tuesday morning.
All the sectoral indices are trading in red,except NIFTY Metal which is marginally up by 0.3%. The NIFTY IT and NIFTY Oil & Gas index are the top losers with 1.4% & 1.1% losses on Tuesday morning.
On the commodities front, MCX Gold and MCX Silver are trading in positive with 0.2% gains on each respectively. While MCX Crude oil is little changed at 6,842 levels.
TCS (-2.8%), Reliance (-1%) and LT (-1.1%) are the key draggers on the index in today’s morning session.
Stocks to Watch
TCS
The promoter group of the company Tata sons is looking to dilute stake in Indian IT major TCS . The group will be selling 2.34 core shares through a block deal at ₹4,001 per share. The stock is top loser in NIFTY and currently trading 2.8% lower.
Tata Steel
has decided to cease operations of coke ovens at the port Talbot plant, in Wales following a deterioration of operational stability. The company will increase the imports of coke to offset the impact of coke oven closures. Stock is up 1.1%
Aditya Birla Sunlife
The promoter entities of Aditya Birla Sun Life AMC have offered to sell up to 11.4% stake through an offer for sale route.
HG Infra & Engineering
HG Infra has received orders from Jodhpur Vidyut Vitran Nigam Ltd. worth ₹1,026 crore in a JV with Stockwell Solar Services.
Aegis Logistics
Aegis Logistics unit has approved acquisition of storage terminals at Mangalore resulting in capacity addition at its facilities in Mangalore.
Poonawala Fincorp
The HDFC Bank veteran Arvind Kapil has been appointed as the company's new CEO & Managing Director in the company.