Markets Live: Sensex sheds 73 points; Wipro, Kotak Bank fall nearly 2%

Closing bell

The Sensex broke its four-day winning streak to end down by over 70 points as world stocks made little progress due to simmering trade tensions between the United States and China.

Brokers said unabated capital outflows by foreign funds and lower-than-expected quarterly numbers by InterGlobe Aviation and some other companies too added to the caution.

After opening higher, the BSE index quickly slipped into the red largely in line with weak Asian cues and hit a low of 35,020.08 before settling at 35,103.14, still down by 73.28 points, or 0.21 per cent.

The index had surged 675.15 points in the past four sessions, spurred by sustained buying by domestic institutional investors (DIIs) and encouraging quarterly earnings by some companies.

The Nifty slipped below the 10,700-mark and finished at 10,679.65 -- down 38.40 points, or 0.36 per cent. During the day, it shuttled between 10,720.60 and 10,647.45.

Top five Sensex gainers were Sun Pharma, NTPC, Tata Steel, Axis Bank and ICICI Bank, while the major losers were Wipro, Kotak Bank, Asian Paints, L&T and HUL.

 

Meanwhile, on a net basis, foreign institutional investors had sold shares worth Rs 525.93 crore, while DIIs bought shares to the tune of Rs 165.84 crore yesterday.

Global markets

The MSCI world equity index, which tracks shares in 47 countries, traded flat in percentage terms. Europe's pan-European STOXX 600 index was down 0.1 per cent as the euro held firm. Read more

 

Pre-close trade

The Sensex was trading down 82.46 points or 0.23 per cent at 35,093.86 and the Nifty down 42.4 points or 0.4 per cent at 10,675.65.

Sensex gainers, losers

Top 10 Nifty gainers, losers

 

HCL Tech slumps to over 2-1/2 year low

The stock was down as much as 7.8 per cent at Rs 922.35, its lowest since March 23. The stock posted its biggest intraday percentage loss since October 2015, and was the top loser on the NSE index. Read more

 

Siemens hits over 7-month low

Siemens Ltd dropped the most in over 7 months on weak order pipeline. The stock fell as much as 12 per cent to Rs 994.80, biggest daily percentage loss since September 27. Read more

 

Sugar production surpasses 31 mt

The country’s sugar production had surpassed 31 million tonnes till April 30, nearly 1.5 mt more than what the sugar industry officially had forecast in March. Read more

 

Gabriel India: Good shock absorber

With new vehicle sales convincingly recovering from the shocks of demonetisation and implementation of GST, stocks of auto and auto component players are good bets at this juncture. Among auto component manufacturers, Gabriel India presents an attractive buying opportunity. Read more

 

Nifty 50 May Futures (10,698)

The contract faces a key resistance ahead at 10,710. A strong rally above this level can extend the corrective up move to 10,726 levels. Click here to read more

 

 

Domestic indices were trading marginally lower due to selling pressure in capital goods, realty, infrastructure and IT stocks amid weak global cues.

Caution prevailed as hopes waned for real progress in Sino-US trade talks due later in the day.

Reports that the Trump administration is considering executive action to restrict some Chinese companies' ability to sell telecoms equipment in the United States were a dampener.

The BSE index was trading down 14.31 points or 0.04 per cent at 35,162.11 and the NSE index down 21.55 points or 0.2 per cent at 10,696.50.

“Sentiment has been on the lower side because of uncertainty with respect to trade talks... There's also stock-specific reaction, and IT stocks are volatile,” said Anand James, chief market strategist, Geojit Financial Services.

Top five Sensex gainers were Sun Pharma, ICICI Bank, Axis Bank, NTPC and Tata Steel, while the major losers were Kotak Bank, L&T Wipro, HUL and Reliance.

 

The stock of Kansai Nerolac is down marginally by about 1 per cent in trade today. Despite strong growth in segments such as decorative, industrial and powder coatings, the steady increase in raw material costs for the company has impacted its margins and bottom line. Click here to read more

India's gold demand falls

Gold demand in India declined by 12 per cent in the first quarter of this year to 115.6 tonnes compared to the same period last year due to high gold prices. Read more

 

HCC plunges nearly 24%

Shares of Hindustan Construction Co Ltd witnessed worst day since 2008 due to doubts over the ability of its unit to continue as a going concern. Read more

 

Biocon shares tank 6%

Shares of Biocon tumbled 6 per cent as the biotechnology major said the US health regulator has made seven observations after inspecting its sterile drug product manufacturing facility in Bengaluru. Read more

 

Global gold demand falls

Global gold demand fell 7 per cent to 973 tonnes during the January-March period this year compared to the same period last year mainly due to a decline in investment demand. Click here to read more

 

InterGlobe Aviation shares crash 20%

Shares of InterGlobe Aviation slumped nearly 20 per cent today as the company has reported 73 per cent plunge in profit for the March quarter. Read more

 

IFCI plans merger of financial arm with SHCIL

IFCI plans to merge IFCI Financial Services with Stock Holding Corporation of India as part of the efforts to gain synergies out of the common businesses of these two subsidiaries. Read more

 

 

Pre-noon trade

The Sensex was trading down by 114.11 points or 0.32 per cent at 35,062.31 and the Nifty down 56.45 points or 0.53 per cent at 10,661.60.

Realty, capital goods, infrastructure and FMCG indices succumbed to heavy selling pressure.

 

Top five Sensex gainers were ICICI Bank, Axis Bank, NTPC, Sun Pharma and Adani Ports, while the major losers were L&T, Kotak Bank, YES Bank, Tata Motors and HUL.

 

Asian shares were subdued ahead of anxiously-awaited Sino-US trade talks, while the US dollar consolidated recent bumper gains after the Federal Reserve reaffirmed the outlook for more rate hikes this year.

Crude oil prices fall

Brent crude oil futures were at $73.21 per barrel at 0150 GMT, down 15 cents, or 0.2 per cent, from their last close. US West Texas Intermediate crude futures were down 8 cents, or 0.1 per cent, at $67.85 per barrel. Read more

 

Dollar at 4-month high

The dollar traded near a four-month high against a basket of currencies, having recovered from a brief dip after the Federal Reserve kept interest rates steady and said inflation had “moved close” to its target. Read more

 

Open offer from Zee Learn for MT Educare

The open offer from Zee Learn, part of media baron Subash Chandra-led Essel Group, opens for shareholders of education services company MT Educare today. Read more

 

 

Emami board meet

The board of directors of Emami, apart from considering the financial performance for the quarter and year ended March 2018, will also mull a bonus issue. Read more

 

Asian Oilfield Services has successfully completed a contract for 222.1 square kilometre of 3D seismic data acquisition at block EP 4 in Myanmar by Bashneft International BV, Netherlands. The company shares were down 4.87 per cent at Rs 170.10 on the BSE. More on this

 

Lasa Supergenerics has resumed production at its Mahad (MIDC) unit, following the major fire reported on April 26.  The company shares were down 4.94 per cent at Rs 73.05 on the BSE. Read more

 

IndoStar ₹1,850-crore public issue

IndoStar Capital Finance is set to launch its initial public offering on May 9. It will close on May 11.  Read more

 

Domestic indices were trading marginally lower due to weak global cues. The Sensex was down 45.14 points or 0.13 per cent at 35,131.28 and the Nifty down 27 points or 0.25 per cent at 10,691.05.

Among BSE sectoral indices, realty index fell 1.16 per cent, followed by infrastructure 0.95 per cent, capital goods 0.88 per cent and FMCG 0.79 per cent. On the other hand, PSU index gained 0.2 per cent, consumer durables 0.18 per cent and banking 0.12 per cent.

 

 

Top five Sensex gainers were Axis Bank, ICICI Bank, Adani Ports, NTPC and M&M, while the major losers were Wipro, Tata Motors, HUL, L&T and Bharti Airtel.

 

Asian shares were subdued ahead of anxiously-awaited Sino-US trade talks, while the US dollar consolidated recent bumper gains after the Federal Reserve reaffirmed the outlook for more rate hikes this year.

Asian markets

MSCI's broadest index of Asia-Pacific shares outside Japan was all but flat, while South Korean stocks eased 0.31 per cent. Japan's Nikkei was closed for a holiday, while E-Mini futures for the S&P 500 barely budged. More on this

 

Gold set for further correction

All the known supports for gold are weakening. While fading geopolitical risks are seen calming the commodity markets, especially crude oil and gold, the dollar has begun to appreciate and the 10-year US treasury yield has jumped to above 3 per cent. Click here to read more

 

Brokers' call

Persistent Systems (Hold)

CMP: ₹776.55

Target: ₹873.8

Click here to read more

Day Trading Guide

 

Given below are supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading:

₹1970 • HDFC Bank

 

₹1197 • Infosys

 

Click here to view the full guide

 

Today's stock pick

Adani Enterprises (₹129.2): Sell

The stock of Adani Enterprises plunged 7.7 per cent with above average volume on Wednesday, decisively breaching its key short-term support at ₹135 and 200-day moving average. Investors with a short-term perspective can consider selling the stock at current levels. Read more

 

Opening bell

The BSE index was down 30.05 points or 0.09 per cent to 35,146.37 and the NSE index down 7.95 points or 0.07 per cent at 10,710.10.

Wall Street

US stocks fell on Wednesday as potential US restrictions on Chinese telecom companies reinforced investor concerns about worsening trade relations between the United States and China. Read more

 

Pre-open trade

The Sensex was down 38.94 points or 0.11 per cent at 35,137.48 and the Nifty down 2.1 points or 0.02 per cent at 35,137.48.