Sensex opens 50 points lower, Nifty opens flat

05 May, 2018, 02:02 | Author: Cecelia Webb
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The 30-share BSE Sensex was down 73.28 points at 35,103.14 and the 50-share NSE Nifty fell 38.30 points to 10,679.70.

According to market observers, heavy selling pressure was witnessed in the auto, healthcare and metal stocks.

Among other Asian markets, Japan's Nikkei was down 0.32 per cent while Hong Kong's Hang Seng shed 0.47 per cent in early trade today.

Shares of InterGlobe Aviation, after slumping almost 20 per cent in early deals, clawed back some lost ground to end 10.57 per cent lower after the company yesterday reported a 73 per cent plunge in profit for the March quarter.

The Sensex touched a high of 35,257.31 points and a low of 35,020.08 during the intra-day trade.

The BSE market breadth was bearish with 1,575 declines and 1,121 advances. "Sentiments were hit on the back of data showing that FPIs and domestic institutional investors turned net sellers of Indian stocks yesterday", Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.




"Rupee weakened as positive US employment data might lead to (US) Feds monetary tightening".

Global cues too were weak as investors eyed the outcome of US-China trade talks as well as the US jobs report.

Market participants booked profits at higher levels in opening trade, they added. The index had gained almost 12 percent in the previous month on the back of a weaker rupee and strong earnings from IT majors.

Bharti Airtel, HUL, Adani Ports, ONGC, Dr. Reddy's, SBI, TCS, IndusInd Bank, Yes Bank, HDFC Bank, TCS and L&T rising up to 2.45 percent.

Pharma stocks pushed both indexes lower, with the Nifty Pharma index falling as much as 1 percent.

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