Stock Market Updates: Sensex Drops 150 pts, Nifty Below 19,550; HCL Tech Jumps 4%

The benchmark indices started Friday’s trade on a negative note amid mixed trade in Asia on softer-than-expected US inflation but growing tensions between the US and China. Besides, higher forecast of domestic inflation by the Reserve Bank of India (RBI), too, weighed on the sentiment.

The S&P BSE Sensex quoted at 65,548 levels in early deals, down 141 points, while the Nifty50 was at 19,498 levels, down 45 points.

In the broader markets, the BSE MidCap and SmallCap indices were ruling higher with 0.3 per cent gain each

Among individual stocks, shares of Zee Entertainment were flat after 18-per cent surge on Thursday after the NCLT approved its merger with Sony India on Thursday.

Those of LIC, meanwhile, surged 4 per cent after the company’s Q1 net profit more than doubled to Rs 9,543.71 crore for the quarter ended June 2023 when compared with Rs 4,831.65 crore in the same quarter a year ago. Its total premium income came in flat at Rs 98,363 crore.

Shares of HCL Tech, too, surged over 4 per cent as it signed a deal worth $2.1 billion with Verizon Business, the enterprise arm of US-based Verizon Communications, for providing primary managed network services (MNS) for the latter’s global enterprise customers.

Among sectors, the Nifty IT index advanced 0.7 per cent, while the Nifty Metal, Bank, Pharma, and Financial Services indices dropped 0.4 per cent each.