Markets open lower in early trade
16/05/2018 09:24

The key domestic benchmark indices opened lower in the morning trading session tracking bearish trend and negative cues from the global markets.

The traders will keep a close eye on the political development in Karnataka as fortunes of BJP hung in balance as governor Vajubhai Vala will take a final call on who to invite first to form the government for a floor test.

On the corporate front, shares of Punjab National Bank will remain in focus after the state-run bank reported highest-ever quarterly loss at Rs 13,416.91 crore in the January-March quarter, massively hit by the Rs 14,000 crore Nirav Modi scam.

On the earning front, big names such as, ITC, JSW Steel, Tata Steel, Hindalco, TVS Motor, Zee Media and Birla Corporation, will release its March quarter results today.

At 09:20 a.m, the Bombay Stock Exchange bellwether Sensex was at 35426.34 down by 117.60 points or by 0.33 per cent, while the NSE Nifty was at 10758.80 down by 43.10 points or by 0.40 per cent.

The top gainers of the BSE Sensex pack were Wipro Ltd. (Rs. 273.95,+1.31 per cent), Power Grid Corporation of India Ltd. (Rs. 214.90,+0.51 per cent), Tata Steel Ltd. (Rs. 627.00,+0.47 per cent), Sun Pharmaceutical Industries Ltd. (Rs. 469.10,+0.18 per cent), Tata Motors Ltd. (Rs. 310.70,+0.15 per cent), among others.

Meanwhile, State Bank of India (Rs. 245.75,-1.15 per cent), Larsen & Toubro Ltd. (Rs. 1362.00,-1.02 per cent), Hero MotoCorp Ltd. (Rs. 3617.10,-0.99 per cent), ICICI Bank Ltd. (Rs. 305.00,-0.97 per cent), Oil And Natural Gas Corporation Ltd. (Rs. 187.00,-0.93 per cent), were among the top losers on BSE.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total 489 shares traded, 185 shares advanced, 274 shares declined while 30 were unchanged.

On the global front, Asian stocks were trading lower after Pyongyang called off talks with Seoul, while the Wall Street closed lower in the previous trading session as spike in the U.S. 10-year Treasury yield to a seven-year high knocked sentiment on Wall Street.