L&T Technology Services lists 7% higher at Rs 920

L&T Technology Services lists 7% higher at Rs 920

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Benchmark indices continue to trade in a narrow range with negative bias amid weakness among index heavyweight shares. However, the downside is limited due to buying demand among Reliance Industries and HDFC.

At 11:00 am, the S&P BSE Sensex slipped 29 points at 28,744 and the Nifty50 dipped 7 points to trade at 8,861. Among broader markets, BSE Midcap and Smallcapindices are up 0.4% each.

Top losers from the Sensex pack are Axis Bank, Lupin, ICICI Bank, Tata Motors and Infosys, all down between 1%-4.5%. Axis Bank was down over 4% on speculation of SUUTI stake sale in the bank.

On the gaining side, TCS, Reliance Inds, Bajaj Auto, Bharti Airtel and HDFC are up almost 1%.

Also Read: IT sector slowdown to hit mid-caps worst

L & T Share Price Technology Services opened at Rs 920 on the National Stock Exchange (NSE) today, against an issue price of Rs 860 per share, at a premium of around 7%.

Morepen Laboratories rose 6% to Rs 26.25 on the BSE on reports that the company may sell its over-the-counter brands to focus on active pharmaceutical ingredient and home diagnostics business as growth drivers.

Shares of Majesco are up nearly 3% to Rs 484 on the BSE after the company announced that it has entered into an agreement with Glemham, a UK based managing general agent, to create a new cloud based bureau processing business.

Also Read: L&T to scale up avionic software biz, acquires Thales software unit in India

Markets are trading in a subdued note tracking mixed global cues on account of booking profits after the recent run-up.

At 9:30 am, the S&P BSE Sensex slipped 48 points at 28,725 and the Nifty50 dipped 9 points to trade at 8,858. Among broader markets, BSE Midcap and Smallcap indices are up 0.3%-0.5%.

“Subdued trading is expected early in the day inside the 8890-8860 region. Breakout beyond the same is expected, but a directional move is less likely. Downsides look limited, but upsides in the near term look more limited, suggesting that bearishness should dominate,” adds Geojit BNP Paribas in a technical note.

Also Read: L&T Tech forms JV with Thales to strengthen avionics business

On Thursday, Indian equities surged mirroring strong global markets after the US Federal Reserve kept interest rates at a near-record low, but hinted a hike could come in December.

On the macro-economic front, the government, on Thursday, appointed three academics to the panel. The RBI has already appointed its members to the panel. read full story

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