Benchmark indices ended
Friday's session with marginal cuts after erasing its intraday gains in the
final hour. IT stocks were
the top drags and remained subdued throughout the day after the US-based IT
services company Cognizant nearly
halved its 2019 growth guidance. The intra-day rise in
the indices was spurred by a slip in oil prices with financial stocks gaining the most, before the indices
retreated to trade flat in the end.BUZZING
STOCKS Information technology (IT) stocks remained under pressure on Friday, after the
US-based IT services company Cognizant nearly halved its 2019 revenue expectations after missing
first-quarter results, as it faces sluggish demand in its financial and
healthcare businesses. Shares of Mills continued their
northward journey, with the stock hitting 18-month high of Rs 157 before ending
the day at Rs 156.50, up 1.69 per cent, on the expectation of strong earnings
growth. The stock was trading at its highest level since December 6,
2017.
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