Stock Market News - Tech Shares Decline, HDFC and Adani Green Surges

Tech Shares Decline - Wipro Falls Over 3% The NSE Nifty IT Index fell 1.06 percent, led by the declines in Wipro Ltd., Tata Elxsi Ltd., and Tata Consultancy Services Ltd.

HDFC Swings - On Acquisition Plans Shares of HDFC fluctuated between gains and losses to trade 0.58 percent higher at 2,188.10 The company plans to acquire 51.2 percent stake in Apollo Munich for Rs 1,347 crore. Post the acquisition, Apollo Munich will be merged with HDFC Ergo General Insurance. The proposed acquisition is expected to complete within four months and the proposed merger is expected.

CATCH ALL THE MARKET UPDATE

1. Wipro is among the biggest losers, slips nearly 4%

2. IFCI slips over 7%

3. Apollo Hospitals gains over 2%

4. UPL slips over 2% in early trade

5. IRB Infra tumbles nearly 10% in early trade

6. Lakshmi Vilas Bank slips 1% in trade

7. Reliance Capital skids 5% in trade

8. Bharat Financial Inclusion is trading over 1% lower

Rupee Opens: The Indian rupee opened higher by 20 paise at 69.48 per dollar on Thursday versus previous close 69.68.

Top Gainers & Losers - Axis Bank, Wipro, UPL, TCS, Infosys, Tech Mahindra, IRB Infra, Ashok Leyland, HCL Tech, Yes Bank, Britannia, and Maruti Suzuki are among major losers on the indices, while gainers were Indiabulls Housing, RIL ONGC, Eicher Motors, L&T and IOC. Except for energy and metal, all other sectoral indices are trading lower led by the IT, auto, FMCG, and pharma.

Adani Green Surges - After Winning Bid Shares of Adani Green Energy halted a four-day losing streak and rose as much as 5.7 percent to Rs 42. The company won bids for setting up 600 MW wind-solar hybrid power project by Solar Energy Corporation of India. The fixed PPA tariff is Rs. 2.69/ kWh for a period of 25 years. Project is expected to be commissioned by March 2021.

Jain Irrigation Slumps - After Block Deal Shares of Jain Irrigation Systems fell as much as 17.3 percent to Rs 16.30, the lowest in over 14 years. About 19.4 lakh shares of Jain Irrigation changed hands in a block deal, Bloomberg data showed. Buyer and sellers were not known immediately.

Indiabulls Housing surges 4 percent - Have zero exposure to Anil Ambani group companies. Sufficient profits in the company to take care of the provisions. Raised Rs 58,000 crore since September 2018.

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