AIRLINK 74.64 Decreased By ▼ -0.21 (-0.28%)
BOP 5.01 Increased By ▲ 0.03 (0.6%)
CNERGY 4.51 Increased By ▲ 0.02 (0.45%)
DFML 42.44 Increased By ▲ 2.44 (6.1%)
DGKC 87.02 Increased By ▲ 0.67 (0.78%)
FCCL 21.58 Increased By ▲ 0.22 (1.03%)
FFBL 33.54 Decreased By ▼ -0.31 (-0.92%)
FFL 9.66 Decreased By ▼ -0.06 (-0.62%)
GGL 10.43 Decreased By ▼ -0.02 (-0.19%)
HBL 114.29 Increased By ▲ 1.55 (1.37%)
HUBC 139.94 Increased By ▲ 2.50 (1.82%)
HUMNL 12.25 Increased By ▲ 0.83 (7.27%)
KEL 5.21 Decreased By ▼ -0.07 (-1.33%)
KOSM 4.50 Decreased By ▼ -0.13 (-2.81%)
MLCF 38.09 Increased By ▲ 0.29 (0.77%)
OGDC 139.16 Decreased By ▼ -0.34 (-0.24%)
PAEL 25.87 Increased By ▲ 0.26 (1.02%)
PIAA 22.20 Increased By ▲ 1.52 (7.35%)
PIBTL 6.80 No Change ▼ 0.00 (0%)
PPL 123.58 Increased By ▲ 1.38 (1.13%)
PRL 26.81 Increased By ▲ 0.23 (0.87%)
PTC 14.01 Decreased By ▼ -0.04 (-0.28%)
SEARL 58.53 Decreased By ▼ -0.45 (-0.76%)
SNGP 68.01 Decreased By ▼ -0.94 (-1.36%)
SSGC 10.47 Increased By ▲ 0.17 (1.65%)
TELE 8.39 Increased By ▲ 0.01 (0.12%)
TPLP 11.05 Decreased By ▼ -0.01 (-0.09%)
TRG 63.21 Decreased By ▼ -0.98 (-1.53%)
UNITY 26.59 Increased By ▲ 0.04 (0.15%)
WTL 1.42 Decreased By ▼ -0.03 (-2.07%)
BR100 7,943 Increased By 105.5 (1.35%)
BR30 25,639 Increased By 187.1 (0.73%)
KSE100 75,983 Increased By 868.6 (1.16%)
KSE30 24,445 Increased By 330.8 (1.37%)

BENGALURU: Indian shares were subdued on Thursday as investors, who were hopeful of strong domestic earnings last week, remained largely cautious ahead of key results.

The Nifty 50 closed 0.03% higher at 17,624.45, while the S&P BSE Sensex gained 0.11% at 59,632.35. Both indexes had risen nearly 0.4% in the day, after losing over 1% in the week till Wednesday.

Weakness in information technology (IT) stocks persisted, with the IT index losing 0.2%, and extending declines to over 8% since weak earnings by Tata Consultancy Services Ltd last week.

“Prevailing underperformance of sectors like IT and energy might cap the momentum in the near term,” said Ajit Mishra, vice president - technical research at Religare Broking.

Mishra advised investors to remain stock-specific and identified banking, financials, auto and fast moving consumer goods as sectors ideal for long trades.

Financials offset IT, pharma gains, drag Indian shares down

Analysts added that the underlying short-term trend of equities remained choppy.

“For now, the market is stuck in a narrow range,” said Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services.

“While IT stocks continue to pile on pressure, even FIIs have turned net sellers, adding to overall weakness.”

Foreign institutional investors (FIIs) have sold Indian equities over the last three sessions, offloading 131.7 million rupees ($1.6 million) on Wednesday. Among individual stocks, HCLTech Ltd closed marginally lower ahead of its earnings on Thursday, and Reliance Industries Ltd, India’s biggest firm by market capitalisation, fell 0.25% ahead of its results on Friday.

Domestic brokerage firm ICICI Securities fell nearly 5% after reporting a slide in net profit for the March quarter, as rising costs dragged earnings.

Online payments firm Paytm rose almost 2% after Motilal Oswal initiated coverage with a “buy” and expected overall core profit breakeven by FY2025.

Enterprise technology solutions provider Mastek Ltd surged over 12% after reporting a strong revenue growth in Q4.

Comments

Comments are closed.