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Sensex down 80 points; Infosys, UCO Bank stocks drop

The Sensex was trading lower after falling nearly 300 points in the opening trade due to losses led by Infosys, Tata Motors, RIL, Axis Bank and SBI.
The BSE Sensex slipped nearly 300 points to crack below the 34,000 mark in early trade owing to weak Asian cues after a US-led strike on Syrian targets fuelled fresh geopolitical concerns.

At 11:46 AM, the BSE Sensex was trading at 34,107, down 85 points, while the Nifty50 index was trading at 10,464, down 16 points.

The BSE Midcap and the BSE Smallcap indices were fell by 0.12% and 0.04%, respectively.

The downtrend was led by index heavyweight Infosys, which slipped 3% after its FY19 growth outlook disappointed the street.

Shares of UCO Bank plunged 8% on the BSE after the media report suggested that the Central Bureau of Investigation (CBI) has booked former chairman-cum-managing director of the bank’s Arun Kaul and others in connection with an alleged Rs621cr loan fraud.

Fortis Healthcare stock fell 1% after it confirmed getting interest from IHH Healthcare Bhd.

Gruh Finance gained 5% after the board also recommended a dividend of Rs3.30 per equity share of face value of Rs2 each for the financial year ended March 31, 2018.

Among BSE sectoral indices, IT index fell the most by 1.03%, followed by TECk 0.9%, oil & gas 0.6% and consumer durables 0.3%.

On the other hand, healthcare index gained 0.75%, FMCG 0.49%, realty 0.4% and capital goods 0.36%.

On the economy front, the govt will announce inflation data based on wholesale price index (WPI) for March today.

Volatility index India VIX was up 4.45% at 14.7700.

Cipla (+3.7%), Grasim (+2.7%), Lupin (+1.8%), Tech Mahindra (+1.6%) and Indiabulls HF (+1.5%) were the top gainers on the NSE.

Tata Motors (-4.6%), Infosys (-3.6%), Axis Bank (-1.5%), HPCL (-1.3%) and Titan (-1.2%) were the top losers on the NSE.

Out of 2,048 stocks traded on the NSE, 639 advanced, 1,037 declined and 372 remained unchanged today.

A total of 30 stocks registered a fresh 52-week high in trade today, while 25 stocks touched a new 52-week low on the NSE.

The rupee fell 20 paise against the US dollar in early trade on global trade war concerns, dip in March exports and a sharp drop in domestic equities.

Asian indices opened with weakness which got bought into as no further escalation in the middle east saw value buying emerge. The historical evidence suggests geopolitical risk as an excellent opportunity ‘to buy the fear’ as near term weakness see long term gains.