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Sensex range-bound in noon trades, down 30 pts; IT shares buck trend after recent weakness

Domestic equities traded in a narrow range with a slightly negative bias in the afternoon trades after edging past the 30,000-mark in early trades.

The benchmark Sensex gained nearly 100 points minutes after the opening bell and touched a high of 30,020.59 before losing ground thereafter on select profit taking.

At 1:10 pm, the 30-share Sensex was at 29,890.72, down 30.46 points, or 0.10 percent over previous close. The broader 50-stock S&P CNX Nifty was down 7 points, or 0.1 percent at 9,307.10.

Reuters

Reuters

Globally, the US Dow Jones Industrial Average ended 0.17 percent higher in yesterday's trade.

In the Asian region, financial markets in Japan, Hong Kong and South Korea are closed today for public holidays.

Dragging the markets, shares of Lupin declined 2.7 percent, Tata Steel fell 1.5 percent, Adani Ports eased 1 percent and Maruti was down 0.9 percent.

Others like ITC, ONGC, Axis Bank, L&T and SBI were trading with marginal losses.

Bucking the trend, IT shares caught investors attention as investors placed their bets on defensives in a lacklustre market.

Shares of TCS rose 2 percent, Infosys gained 1.44 percent and Wipro was up 0.2 percent.


Published Date: May 03, 2017 13:07 PM | Updated Date: May 03, 2017 13:07 PM

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