The Indian benchmark indices have extended the early morning loses in this afternoon session with the Nifty50 down 77 points, trading at 10647 while the Sensex fell 257 points and was trading at 35,551 mark.

Live TV

Loading...

Nifty Energy was down over a percent dragged by HPCL which shed over 2 percent followed by Reliance Industries, GAIL, BPCL and NTPC.

From the IT space, the top losers were KPIT Tech which plunged 13 percent followed by HCL Tech, Oracle Financial Services, TCS and Tata Elxsi.

Selective FMCG stocks were trading in the red with losses from Dabur India, Godrej Consumer, GSK Consumer, Hindustan Unilever, Marico, Proctor & Gamble and Tata Global Beverage.

260 stocks have hit new 52-week low including names like Tejas Networks, GVK Power, Godrej Consumer, MRF, Ashok Leyland and Mahindra & Mahindra.

From the BSE, close to 400 stocks have hit a fresh 52-week low. The prominent names include TVS Motor, MRF, Ashok Leyland, Mahindra & Mahindra, GSPL, Natco Pharma and MRPL among others.

Global research firm Credit Suisse has maintained a neutral call on Ashok Leyland and has cut target to Rs 94 from Rs 118 per share. It believes that the near-term outlook appears muted and has cut FY20/21 estimates by 8-10 percent.

The firm has downgraded GSK Consumer to neutral from outperform and has cut target to Rs 8,330 from Rs 9,000 per share.

Deutsche Bank has, on the other hand, a buy rating on Ashok Leyland with a target of Rs 110 per share and has increased FY19 EPS estimates by 11 percent.

Disclaimer:

The views and investment tips expressed by investment experts are their own and not that of the website or its management. Users are advised to check with certified experts before taking any investment decisions.

Source: Moneycontrol.com