Key indices reversed early gains and hit a fresh intraday low in morning trade. The Nifty regained 11,100 level after briefly slipping below that mark. At 10:27 IST, the barometer index, the S&P BSE Sensex, was down 62.52points or 0.17% at 37,469.46. The Nifty 50 index was down 20.1 points or 0.18% at 11,106.30.
The broader market was trading lower. The S&P BSE Mid-Cap index was down 0.14%. The S&P BSE Small-Cap index was down 0.32%.
The market breadth turned negative. On the BSE, 738 shares rose and 1040 shares fell. A total of 118 shares were unchanged. The market breadth in Nifty 50 index was almost even. 24 stocks advanced and 26 stocks declined.
IT stocks were under selling pressure ahead of Q2 results. HCL Technologies (down 2.7%), Persistent Systems (down 2.39%), Hexaware Technologies (down 1.91%), MphasiS (down 1.51%), Oracle Financial Services Software (down 1.11%) declined.
The Nifty IT index was down 1.11% at 15,078.25.
Infosys was down 0.87%. The IT bellwether will announce its Q2 results on Friday, 11 October 2019.
TCS was down 1.75%. The company will declare its Q2 results tomorrow, 10 October 2019.
Gujarat Gas was up 0.98% after credit rating agency CARE Ratings reaffirmed CARE AA on company's long term bank facility. CARE has also reaffirmed CARE A1+ on company's short term bank facility and maintained a stable outlook. CARE further stated that the positive outlook on the long term rating of Gujarat Gas continues to reflect CARE's expectation of further growth in company's scale of operations along with improvement in its leverage and debt coverage indicators.
Glenmark Pharmaceuticals rose 0.37% after the company announced that it has been granted a tentative approval by the United States Food & Drug Administration (USFDA) for Dimethyl Fumarate delayed‐release capsules.
Aurobindo Pharma rose 2.38% to Rs 469.40 after the company offered clarification. The pharma major said that the United States Food and Drug Administration (USFDA) conducted a current good manufacturing practice (cGMP) inspection at Unit 7 manufacturing facility from September 19-27, 2019. The inspection ended with 7 observations. The company said that none of the observations are related to data integrity. The company is confident of addressing these issues within the stipulated timeline.
Auto ancillary firm, Minda Industries was up 0.88% after the company announced it has entered into definitive agreement with Delvis Gmbh for acquiring 100% stake in the German company. The enterprise value of the company along with its two subsidiaries is 21 million euros.
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