Equity indices subdued, IT and banking stocks dip

Mumbai (Maharashtra) [India], Aug 7 (ANI): Equity benchmark indices were flat during early hours on Friday on the back of mixed global cues and a slow start for Asian peers.

At 10:15 am, the BSE S&P Sensex was down by 13 points or 0.03 per cent at 38,003 while the Nifty 50 was just flat — down 0.05 points — at 11,200.

Except for Nifty IT and financial service which lowered by 0.1 per cent, all sectoral indices at the National Stock Exchange were in the green with thin margins.

Among stocks, HCL Technologies slipped by 1.3 per cent to Rs 695.85 per share while Infosys was down by 1.1 per cent to Rs 959 per unit.

HDFC Bank and ICICI Bank retreated by 0.5 per cent each while Sun Pharma, Hero MotoCorp, HDFC and Grasim traded with a negative bias.

However, UPL gained by 2.7 per cent, Dr Reddy’s by 2 per cent, ONGC by 1.5 per cent, GAIL by 1.1 per cent and Maruti Suzuki by 0.9 per cent.

Meanwhile, Asian shares tumbled after US President Donald Trump banned US transactions with China’s tech giant Tencent as well as ByteDance, the owner of video-sharing app TikTok.

MSCI’s broadest index of Asia Pacific shares outside Japan lost 1 per cent and Hong Kong’s Hang Seng fell 2 per cent.

Mainland China’s CSI 300 Index fell 1.3 per cent while Japan’s Nikkei slipped by 0.6 per cent. (ANI)

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