Equity indices gain on value buying; Tata Motors scrips slump

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Mumbai, May 24 (IANS) Value buying lifted the key equity indices on Thursday afternoon, after they slumped around one per cent in the previous session.

According to market observers, IT, banking and Teck (technology, entertainment and media) stocks gained the most.

However, heavy selling pressure on auto, consumer durables and oil and gas stocks arrested further gains.

At 12.28 p.m., the broader Nifty50 of the National Stock Exchange (NSE) traded at 10,477.10 points — up by 46.75 points or 0.45 per cent — from its previous close of 10,430.35 points.

The barometer 30-scrip Sensitive Index (Sensex), which had opened at 34,404.14 points, traded at 34,528.81 points (12.28 p.m.) — higher by 183.90 points or 0.54 per cent — from its previous session’s close of 34,344.91 points.

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The Sensex has so far touched a high of 34,548.98 points and a low of 34,367.83 points during the intra-day trade. The BSE was slightly tilted towards the bulls with 1,194 advances and 1,151 declines so far.

Scrip-wise, shares of Tata Motors declined the most so far, after the company on Wednesday reported a standalone net loss of Rs 499.94 crore for the quarter ended March. In terms of financial year, the automobile major reported a standalone net loss of Rs 1,034.85 crore during 2017-18.

At 12.32 p.m., shares of Tata Motors on BSE were at Rs 289.35 per share, down Rs 19.90 or 6.43 per cent from the previous close.

So far, the major gainers on the BSE were Sun Pharma, Infosys, Tata Consultancy Services (TCS), Bharti Airtel and Tata Steel while Tata Motors, Tata Motors (DVR), ONGC, Bajaj Auto and Maruti Suzuki were the major losers.

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On the NSE, the top gainers were Sun Pharma, Infosys and TCS. The major losers were Tata Motors, ONGC and Grasim Industries.

–IANS

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