Sensex, Nifty remain under pressure; HDFC, ITC, banks drag

Epic Update ITC

Benchmark indices continued to trade lower in morning as investors tread with caution ahead of assembly elections results due next week. Banking & financials, FMCG and technology stocks weighed but Reliance restricted losses.

The 30-share BSE Sensex was down 89.23 points at 28750.56 and the 50-share NSE Nifty fell 31.50 points to 8868.25.

The market breadth was negative too, as about 1224 shares declined against 1069 advancing shares on the BSE.

Infosys slipped nearly 1 percent after Goldman Sachs has initiated its coverage on the stock with a sell call and target of Rs 829 as application services is shrinking led by swift contraction in BFSI.

Reliance Industries maintained its run up, rising 2.7 percent to trade near 52-week high after analysts meet. CLSA has retained its buy call on the stock, with increased target price at Rs 1,500 (from Rs 1,350) after the company guided on Jio’s FY21 EBITDA of over USD 11 billion and expects 50 percent rise in industry revenue to USD 45 billion by FY21.

Index heavyweights HDFC and ITC fell 1.7 percent each followed by HDFC Bank, L&T, ICICI Bank and TCS.

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Sensex, Nifty remain under pressure; HDFC, ITC, banks drag