Stock Market: Index Erases Early Gains, Sensex Down 179 Points, Nifty50 At 17,000; HDFC Life, Bajaj Finance Slips Over 1.5%

Stock Update: On the 30-share Sensex platform, TCS, Infosys, Wipro were trading with gains. On the flip side, Bajaj Finserv, Bajaj Finance, Reliance, M&M, HDFC were among the early losers

The broader markets were also trading in mixed with BSE Midcaps down 0.07 per cent.

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The stock market opened flat on Friday amid mixed global cues. Key indices gained at the beginning, with the S&P BSE Sensex surging about 100 points and Nifty50 near 17,100. 

However, at 9.30 AM, the S&P BSE Sensex slipped 179 points, or 0.31 per cent, to 57,746, while the Nifty50 was at 17,019, down by 58 points, or 0.34 per cent.

On the 30-share Sensex platform, TCS, Infosys, Wipro, HCL Tech, and Tech Mahindra were trading with gains. On the flip side, Bajaj Finserv, Bajaj Finance, Reliance, M&M, HDFC, and ICICI Bank were among the early losers.

Among individual stocks, HCL Technologies, Tech Mahindra, Infosys, TCS, and Wipro were among the major gainers, while losers were HDFC Life, SBI Life Insurance, HDFC, Bajaj Finance, and Eicher Motors.

The broader markets were also trading in mixed with BSE Midcaps down 0.07 per cent and BSE Smallcaps marginally up 0.03 per cent. 

 

Sector-wise, the IT index rises 1 per cent, while the Financial Services falls 0.6 per cent in early trade.

 

Sport shoe firm Campus Activewear's shares dropped over 5 per cent in early trade as reports of TPG selling a 7.62 per cent stake worth Rs 800 crore in Campus Activewear via a block deal came out, reported Bussines Standard. 

 

In the previous session on Thursday, the S&P BSE Sensex settled at 57,925, down 289 points or 0.5 per cent. The Nifty50 ended at 17,077, down 75 points or 0.44 per cent. 

Overnight, Wall Street ended higher, as Treasury Secretary Janet Yellen reassured investors that measures would be taken to keep deposits safe in the banking system. Dow Jones, NASDAQ Composite, and the S&P 500 indices surged up to 1 per cent.

Elsewhere in Asia, stocks fell in the morning, with Nikkei 225, Topix, Kospi, Kosdaq, and the S&P 200 indices lowering up to 0.8 per cent.

In the commodity market, prices of Brent Crude, and WTI Crude slipped by 1.7 per cent to $75 per barrel, and $69 per barrel, respectively. 

The Rupee was down 4 paise to 82.24 against the US dollar in early trade.