MARKET UPDATE: Sensex drops , Nifty tests 9,200
Published On: Thursday, May 7, 2020 | By: Team KnowMyStock
The equity market in India started today's(7th May 2020) session on a weak note, in line with their other Asian markets. The S&P BSE Sensex was trading around 31,570 levels, down 80 points, and the Nifty50 hovered around 9,240 level. Among individual stocks, YES Bank surged 10 percent after reporting a net profit of Rs 2,629 in the March quarter. HCL Tech also gained 3 percent after reporting its Q4 numbers. Hindustan Unilever slipped 5 percent in early deals after the company's 4.23 percent equity changed hands in a block deal. As per a report, UK-based GSK was to offload shares worth Rs 26,000 crore in the FMGC major.
Nifty sectoral trends were mixed. Nifty FMCG index, down 1.9 percent, was the top drag. Nine companies including HCL Tech and RBL Bank are scheduled to announce their March quarter earnings today. According to analysts, HCL Technologies may see a decline in EBIT margins on a sequential basis on account of some revenue hit due to disruptions caused by the Covid-19 outbreak.
Tags: market update
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