Sensex Slips, Nifty Below 7,900 Tracking Weakness in Asian Markets
Indian markets start the day on a cautious note; almost all sectors trade in the red.
Domestic equity markets started on a cautious note tracking the weakness in Asian markets. The BSE benchmark Sensex, after opening flat-to-positive, quickly slipped nearly 100 points. The NSE Nifty opened below the 7,900 mark.
The benchmark indices were dragged lower by capital goods, consumer durables, banks and auto stocks.
Almost all sectors traded in the red. BHEL was the top loser on the Sensex, followed by Sun Pharma, Asian Paints, Infosys, HDFC and Bharti Airtel. Tata Steel was the biggest gainer along with Bajaj Auto, ONGC, Maruti and Reliance.
The rupee depreciated by 15 paise to quote at 66.55 against the dollar in early trade on increased demand for the American currency from importers and banks.
Dealers said a firm dollar against some global currencies overseas and a lower opening of the domestic equity market weighed.
The rupee had dropped by 18 paise to end at 66.40 in Thursday’s trade on fresh demand for the US dollar from banks and importers despite weakness in the greenback overseas.
Asian Markets Sag on Weak Earnings Outlook
Asian shares slid from a 5 1/2-month high as disappointing earnings from US blue chip companies poured cold water on the rally that took off in March.
MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.6 percent, a day after it hit its highest level since early November. With that decline, gains for the week shrink to 0.5 percent.
Japan’s Nikkei erased earlier losses to briefly hit a 2-1/2 month high. It was trading little changed at 0230 GMT, and on track for a weekly gain of 3 percent.
The Shanghai Composite index also pared earlier losses to barely change for the day, but on track for a loss of 4.4 percent for the week.
Hong Kong’s Hang Seng index slid 0.7 percent, narrowing gains for the week to 0.7 percent.
(With agency inputs)
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