Indices open weak on global cues; IOC, Hero MotoCorp lead on Nifty50
Indian equity indices opened lower, tracking weak cues from global markets and on caution ahead of the Union Budget on Thursday. Shares of information technology companies, fast moving consumer goods companies and pharmaceutical companies were among the worst performers.
The stock market fell for the second day on Wednesday ahead of fiscal deficit data for April-December, annual GDP data for fiscal year 2017 and US Federal Reserve rate decision.
Most Asian markets were weak today, tracking overnight losses in the US indices as a surge in bond yields sparked fears of higher interest rates.
At 10:03 AM, the BSE Sensex was trading at 35,967, down 67 points, while the Nifty50 index was trading at 11,034, down 16 points.
The BSE MidCap Index fell 0.32% and the BSE SmallCap Index advance 0.20%.
Barring the slight strength seen in stocks of state-owned oil refiners and real estate, all other Nifty sectoral indices were in red in early trade.
Backed by strong Oct-Dec numbers and falling crude oil prices, shares of Indian Oil Corp, up 2%, led the gainers on the Nifty50.
Shares of ICICI Bank were down 1% ahead of its December quarter results today.
Bajaj Auto stock trades flat after the company said its workers were on indefinite hunger strike at Akurdi and Chakan plants.
Havells India stock drops 4% after 1.7% equity changed hands on stock exchanges in multiple block deals.
Shares of Engineers India rose 2% today as the company posted a 28% on-year rise in Oct-Dec net profit at Rs1.08 bn, above analysts’ estimate of Rs923.1 mn.
Coal India (-1.9%), HUL (-1.7%), Dr. Reddy’s (-1.5%), ONGC (-1.3%) and Zee (-0.97%) were the top losers in today’s trade.
Out of 2,016 stocks traded on the NSE, 868 advanced, 715 declined and 433 remained unchanged today.
A total of 9 stocks registered a fresh 52-week high in trade today, while 18 stocks touched a new 52-week low on the NSE.