Low impact
IT and pharma shares lag the rally; Infosys falls 2%
Information technology shares fell about 0.5% as investors took profits after a rally of almost 18% in October, according to HDFC Sky. Infosys was the biggest Nifty loser, down 2.03%. Pharma ended almost flat (Nifty Pharma −0.07% per Kotak Neo; HDFC Sky put the fall at about 0.5%). Dr Reddy's slipped 0.74% even though it was reported to have received tentative US FDA approval, under the PEPFAR programme, for a twice-yearly injectable HIV prevention medicine. Sun Pharma fell about 1.4% as investors weighed slower sales of its Ilumya skin-disease drug.
The chain of consequences
- 1IT shares rose almost 18% in October
- 2Investors take profits
- 3Nifty IT falls about 0.5%; Infosys down 2.03%
- 4Pharma ends almost flat
Tends to gain
Sectors that gained from the switch out of IT
Tends to lose
IT and pharma shares
If it reverses
If US tech shares sell off again, money could flow back into Indian IT as it did last week.
Companies in this story
Other stories today
- Brent falls 7.6% to about $104.77 as Iran offers to reopen Hormuz on conditions
- Reliance jumps 11.6% after a 41% profit rise, lifting the Nifty 1.68% to 23,440.80
- US votes in midterm elections; Trump says no new strikes on Iran before the vote
- Record October vehicle sales lift auto shares; Maruti up 2.4%
- Metal shares rise 3.2%; Coal India gains 4.9% after record October supplies
- Foreign investors buy about ₹3,115 crore; rupee slips 10 paise to 94.86
- NTPC and Power Grid rise after results; NHPC reports on 4 November
- US factory survey strengthens to 55.5 while the 10-year yield eases to 4.89%
- Defence shares recover; BDL bounces 2.3% from its 52-week low
- State-run banks rise 1.4% on Bank of Baroda results; Bank of Maharashtra slips
- L&T rises 1.8% as infrastructure shares gain