Sensex and Nifty remain under pressure; Reliance Ind, HDFC stocks drop
Benchmark indices opened flat amid global weakness and higher crude oil prices.
Benchmark equity indices opened flat today amidst weak global cues, with the Nifty managed to hold 10,500 mark. The stock dragged by banks, metals stocks, Reliance Industries and ITC. However, the buying in technology stocks capped market losses.
All the indices barring IT index were trading in the red on NSE. The Nifty IT pack was trading 2.55% higher at 13,611.70 on weakening rupee. All the 10 constituents in the pack were trading in the green.
At 11:13 AM, the BSE Sensex was trading at 34,400, down 27 points, while the Nifty50 index was trading at 10,548, down 17 points.
The BSE Midcap and Smallcap down by 0.56% and 0.21%, respectively.
TCS is the biggest gainer among Nifty50 stocks and gained over 4% after reporting healthy growth in quarterly earnings on Thursday. The company’s consolidated revenue stood at Rs32,075cr, up 3.8% qoq and 8.2% yoy. PAT increased by 5.7% qoq to Rs6,904cr against consensus estimates of Rs6,818cr.
Cyient reported in-line set of numbers for Q4FY18. Revenue in Rupee terms grew by 8.0% qoq to Rs1,062cr, which is in-line with the consensus estimate of Rs1,054cr. The stock soared 5%.
CCI has asked dry cell battery manufacturers Eveready Industries India (Eveready) and Indo-National Limited (INL) to pay fines worth Rs215cr. Stock slipped 10%.
Volatility index India VIX was down 0.72% to 13.6475.
TCS (+4.2%), HCL Tech (+3.3%), Infosys (+2.9%), Tech Mahindra (+2.8%) and Wipro (+2.1%) were the top gainers on Nifty50.
Hindalco (-2.8%), Bajaj Finance (-2.3%), Tata Steel (-2.1%), Vedanta (-1.9%) and Bajaj Auto (-1.7%) were the top losers in today’s trade.
Out of 2,033 stocks traded on the NSE, 590 advanced, 995 declined and 448 remained unchanged today.
A total of 24 stocks registered a fresh 52-week high in trade today, while 42 stocks touched a new 52-week low on the NSE.
On the economy front, the minutes of the last meeting of the Monetary Policy Committee (MPC) indicated the Reserve Bank of India may shift to a hawkish monetary stance in June.
Asian indices opened in the red led by the Taiwanese index which fell almost 2%, as chip manufacturers lowered guidance, while the Philippine index also saw its worst fall in last 2 years. With yields rising globally exit from equities and into debt could be the theme for this month.
Rupee weakened by 25 paise to breach the 66-level and hit its 13-month low of 66.05 against the US dollar in the early trade today due to the appreciation of the US currency overseas.