Sensex, Nifty Slightly Lower As IT Stocks Decline

Indian shares struggled for direction on Thursday after the FOMC’s September meeting minutes confirmed that the U.S. central bank has kept another rate hike in play.

The benchmark S&P BSE Sensex was down 72 points, or 0.1 percent, at 66,400, giving up early gains.

The broader NSE Nifty index was down 28 points, or 0.1 percent, at 19,783.

TCS fell 1.7 percent despite reporting 8.7 percent year-on-year growth in quarterly profit, slightly ahead of estimates.

Infosys and HCL Technologies were seeing modest losses ahead of their earnings results due today.

Nestle India, Tech Mahindra, Cipla and Apollo Hospitals Enterprise all fell around 1 percent while JSW Steel, Grasim, Bajaj Auto, BPCL and Hindalco rallied 1-2 percent.

IndusInd Bank gained about 1 percent after the RBI permitted SBI Mutual Fund to acquire up to 9.99 percent of the paid-up share capital in the bank.

Delta Corp advanced 1.8 percent despite posting muted Q2 results.

Rail Vikas Nigam rose half a percent on news it has emerged as the lowest bidder for a project worth Rs 28.73 crore from Northeast Frontier Railway.

Maruti Suzuki India climbed 1 percent after saying it has started exporting its Jimny 5-Door.

Patanjali Foods was down 0.7 percent after it reported ongoing pricing pressure in the edible oil segment during Q2 FY24.

Vedanta was slightly lower after a ratings downgrade.

Sugar stocks were rising after reports that the government may impose restrictions on sugar exports. Bajaj Hindusthan Sugar rallied 1.6 percent and Dhampur Sugar Mills added 1 percent.

Suzlon Energy dropped 1.3 percent after announcing conversion of 16 lakh partly paid-up shares to fully paid-up shares.