BSE Sensex opened on in the red today, and at 9:30 am was down 0.34% at 30,021.27. The broader CNX Nifty50 too opened in the negative and was down 0.34% at 9,327.75.
Five stocks dragging the Sensex down:
The share price of ITC was down 1.01% at Rs 278.25. The stock has been under pressure in the last seven trading sessions and has fallen 4.40% since then.
The share price of Housing Development Finance Corporation Ltd was down 0.87% at Rs 1,550.75. HDFC on Thursday reported a 21.58 per cent year-on-year drop in standalone net profit at Rs 2,044.20 crore for March quarter. Standalone net profit for Q4FY17 rose 20.16% on-quarter from Rs 1,701.21 crore. Consolidated net profit for Q4 declined 11.01% on-year to Rs 3,079.33 crore.
Larsen & Toubro
The share price of Larsen & Toubro was down 0.58% at Rs 1,730.65. Last month, the company’s construction arm had bagged orders worth Rs 2,694 crores across various business segments.
The share price of Infosys was down 0.69% at Rs 929.80. The company on Thursday reportedly started mediation with its founders who had alleged corporate misgovernance involving high compensation packages to top executives including the CEO, Vishal Sikka.
The share price of Tata Motors was down 1.02% at Rs 432.05. The stock has been under pressure in the last four trading sessions on the back of weak sales data. The stock has eroded 5.62% in May 2017.
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Three stocks supporting the Sensex:
The share price of Asian paints was up 2.30% at Rs 1,156.30. The stock has gained more than 11% since 18 April 2017.
The share price of Reliance Industries was up 0.31% at Rs 1,362.95. The stock price of India’s most profitable conglomerate have been under pressure since 25 April and have lost 4.86% since then, due to profit booking since the announcement of Q4FY17 results, where the company’s net profit rose 12.3% on-year to Rs 8,046 crore. In the fourth fiscal quarter of FY17, Reliance Industries’ turnover rose 45.2% on-year to Rs 92,889 crore. On Wednesday, Reliance Corporate IT Park Limited (RCITPL) – a subsidiary of Reliance Industries Limited announced that it has signed a Memorandum of Understanding (MoU) with SAP SE to launch ‘SARAL GST’ solution for taxpayers in the GST regime
The share price of SBI, India’s largest bank, was up 0.40% at Rs 300.00. The stock has rallied on the back of reports that the President has given his consent to the ordinance on NPA resolution. On Thursday, Bank Nifty was up 1.20% at 22,575.45. SBI stock has gained 3.68% in last two trading sessions.