Sensex, Nifty trade marginally lower; Hindalco, Bharat Petroleum drag

The market lost opening gains to trade mildly lower and the benchmark indices were dragged by HDFC, Reliance Industries and Infosys.

May 17, 2018 05:05 IST India Infoline News Service

Sensex Fall
Sensex and Nifty edged marginally lower after opening on a flat note. Hindalco, Bharat Petroleum and Tata Steel were among the top losers in the trade so far. In the global market, oil prices firmed up with Brent crude hoevering close to $80 per barrel, a level not seen since November 2014, as supplies tighten, while demand remains strong.

At 10: 40 AM, the BSE Sensex at 35,309.93 was marginally lower, while NSE Nifty at 10,719.75 was down by 21.35 points. However, both BSE Midcap and the BSE Smallcap were slightly up by 0.16% and 0.28% respectively.

The power transmission & distribution business of L&T Construction has bagged EPC orders worth Rs2,440cr, which include a major order under the Saubhagya scheme.

The market lost the opening gains to trade mildly lower and the benchmark indices were dragged by HDFC, Reliance Industries and Infosys. The Nifty50 is trading below 10,750 levels.

Earlier, BJP’s BS Yeddyurappa was sworn-in as Karnataka’s chief minister by Governor Vajubhai Vala. He was the only minister to be sworn-in today. The Governor has asked Yeddyurappa to seek a vote of confidence in the House and prove a majority within 15 days from assuming office. Earlier in the morning hours, the Supreme Court had refused to stay Governor's decision. However, the Supreme Court has kept it subject to the case’s outcome.

Shares of Granules India rose 7.45% as the company received USFDA approval for Methylergonovine tablets.

Shares of Divis Laboratories gained as USFDA completed inspection with no 483 observations.

Coal India (+1.52%), Hindustan Unilever (+1.18%), Bharti Infratel (+1.21%) and Titan (+1.25%) were the top gainers.

Hindalco Industries (-3.75%), Bharat Petroleum (-2.99%), Cipla (-2.22%), Tata Stell (-2.22%) were the top losers.

Out of 2,021 stocks traded on the NSE, 904 advanced, 712 declined and 420 remained unchanged today.

Rupee opens higher at 67.65 per dollar against yesterday's close of 67.79.

Global Markets:

The Dow rose 0.3% to 24,768.93, the Nasdaq advanced 0.6% to 7,398.30 and the S&P 500 ended 0.4% higher at 2,722.46.

Positive result announcements led to the surge on Wall Street; however, traders were cautious due to geopolitical uncertainty after North Korea threatened to cancel a historic meeting between leader Kim Jong Un and US President Donald Trump scheduled later next month.

European markets managed to close marginally higher yesterday with FTSE ending 0.15% higher, DAX closed 0.26% higher, while the CAC was up 0.20%.

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