Top Nifty gainers and losers at mid-day: HCL Tech, Nestle up, Adani, Wipro tank

The Indian equity benchmarks traded lower on October 13 afternoon, tracking losses in information technology and banking names. At 12.36 pm, the Sensex was down 282.91 points or 0.43 percent at 66,125.48, and the Nifty was down 83.40 points or 0.42 percent at 19,710.60. About 1,586 shares advanced, 1,479 declined and 116 remained unchanged.

Tata Consumer Products Ltd: The stock darted up over 2 percent to Rs 911 to become the top gainer in the Nifty pack. Volumes were much higher, as 27 lakh shares changed hands against the one-week average of 10 lakh.

IndusInd Bank Ltd: The private lender rose 2 percent to Rs 1,451 at mid-day. Volumes were lower than the 1-week average, as 15 lakh shares changed hands against the one-week average of 20 lakh.

HCL Tech: The IT player rose 1.7 percent to Rs 1,245 after investors shunned jitters from the company’s decision to cut its revenue growth guidance for FY24 in favour of expectations of outperformance against peers. The company reported better-than-expected net profit and largely in-line topline numbers for the July-September quarter.

Nestle: Shares of the Maggi-maker rose 1.3 percent to Rs 23,377. Volumes were lower as 33 lakh shares changed hands against the one-week average of 46 lakh shares. The company will on October 19 consider a proposal for the sub-division of shares of face value Rs 10 each. The proposal will be considered along with the September quarter earnings.

Cipla Ltd: The pharma major bounced back 0.41 percent to Rs 1,162, a day after the share fell over a percent. On October 12, the US Food and Drug Administration (US FDA) inspected Cipla’s American facility and issued an establishment inspection report (EIR). The FDA carried inspected InvaGen Pharmaceuticals, a wholly owned subsidiary of Cipla, in Central Islip, Long Island, New York.

Adani Enterprises Ltd: The Adani group flagship stock traded nearly 3 percent lower at Rs 2,434 ahead of a Supreme Court hearing. Volumes were marginally low, as 13 lakh shares changed hands against the one-week average of 17 lakh.

Infosys Ltd: The stock tanked 3 percent to Rs 1,424 after the company reduced its revenue growth guidance for the financial year 2024. The company’s shares listed in the US ended 6.5 percent lower overnight. Infosys trimmed the upper end of its revenue growth guidance by 100 basis points to 1-2.5 percent from 1-3.5 percent. It maintained its EBIT margin guidance for the year at 20-22 percent during its Q2 earnings announcement on October 12.

Axis Bank Ltd: The stock slumped 2.3 percent to Rs 995 after brokerage firm UBS downgraded the stock from “buy” to “neutral”. It said the bank’s ROAs are more sensitive to credit cost changes than larger peers. Volumes were low only 32 lakh shares against the one-week average of 64 lakh shares. 

Wipro Ltd: Shares of the IT firm fell 2 percent to Rs 410, extending losses for the second session. The drop comes on the back of negative sentiment in the sector as guidance cuts by IT peers hint at a rocky FY24.

State Bank of India Ltd: The country’s biggest state lender fell nearly 2 percent to Rs 576 after UBS downgraded the stock to “sell” from “buy”. Analysts at UBS said the risk of regulatory tightening is high. It expects the Indian banking industry’s credit losses from unsecured loans to rise 50-200bps in FY25. ” SBI ROAs are more sensitive to credit cost changes than large peers,” the brokerage said in its report.