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Nifty below 10,700 mark; Biocon, IndiGo stocks drop

Heavy selling was seen in IT, realty, FMCG, banking, auto and media stocks amid weak global cues.
Benchmark indices were trading in the negative zone as heavy selling was seen in IT, realty, FMCG, banking, auto and media stocks amid weak global cues. Indices were dragged by HCL Tech, HDFC Bank, Reliance Industries and L&T.

Nifty extended losing streak in morning trades as selling pressure dragged the index below 10,700. Crucial support is seen around the 10,640 levels. Bank Nifty after forming Doji candle stick pattern in the previous day is witnessing follow up selling pressure. Crucial support is seen around 25,350 levels.

At 10:26 AM, the BSE Sensex was trading at 35,179, up 18 points, while the Nifty50 index was trading at 10,663, down 54 points.

Intergloble Aviation tanked over 14% after announcing Q4FY18 numbers. The company’s profit in the March quarter net profit slumped to almost a fourth of last time’s to Rs117.6cr due to high fuel costs, decline in yields and adverse foreign exchange.

Shares of Biocon fell 4% as USFDA issued Form 483 with 7 observations.

HCL Tech stock dropped over 6.5%.The company’s net profit stood at Rs 2,227cr in March quarter, an increase of 1.5% compared to the previous quarter

Shares of PC Jeweller extended declined for the ninth straight trading session, poised for its longest losing streak since November 2013. The stock fell as much as 14.6% to hit a four-year low at Rs94.55.

Sical Logistics stock gained 7% after the company was awarded a letter of acceptance by Northern Coalfields for mechanical excavations for a contract price of Rs1,345cr for excavation of 145 million bank cubic metre over a period of 51 months.

The BSE Midcap was down by 0.88% and the BSE Smallcap indices were down 0.92%.

Infratel (+2.7%), Axis Bank (+1.9%), ICICI Bank (+1.3%), NTPC (+1%) and ONGC (+0.61%) were the top gainers on Nifty50.

HCL Tech (-6.7%), Eicher (-2.2%), Cipla (-2%), UPL (-1.8%) and Tata Motors (-1.6%) were the top losers in today’s trade.

Out of 2,032 stocks traded on the NSE, 384 advanced, 1243 declined and 405 remained unchanged today.

A total of 15 stocks registered a fresh 52-week high in trade today, while 87 stocks touched a new 52-week low on the NSE