Markets in red

Indian equity markets are trading lower in the afternoon session on Friday amidst heavy volatility in the markets. Even though the investor sentiment for IT stocks was higher despite IT major Accenture’s caution of decline in client spending, markets still lagged.

Stocks of Asset Management Companies are trading on the downside as the news of the government’s proposal to levy short-term capital gains on investments in debt mutual funds made rounds.

HDFC AMC is trading about 5% lower, UTI AMC is lower by ~4%, and Aditya Birla Sun Life fell 3.50%.

On the sectoral front, IT stocks (+0.41%) are trading with marginal gains. The nifty Metal pack fell about 1.5%. Financial Services stocks are trading 0.50% lower. All other major sectoral indices are trading under pressure.

At around 2.00 PM, BSE Sensex is down by 70 points at 57,836. NSE Nifty is trading lower by 46 points at 17,032.30.

Kotak Bank is the top NSE gainer so far, Apollo Hospital followed the trend. Tech Mahindra, Infosys, and TCS are also trading nearly 1% higher.

Bajaj Finserv is the top loser on the Nifty index today. Adani Enterprises, Bajaj Finance, Hindalco, and Tata Steel are trading nearly 2% lower.

A total of 35 stocks declined on the Nifty index while only 15 advanced.

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