undergroundnewsroom.com May 27, 2018

Sensex, Nifty open lower on global cues

25 April 2018, 03:15 | Gordon Grant

The broader 50-shares NSE Nifty was up 23.90 points (0.22 percent) to 10608.60.

The markets had opened in the red in morning but recovered soon enough as the BSE index extended gains to nearly 250 points, hitting the day-high of 34,663.95.

Top five Sensex gainers were TCS, YES Bank, IndusInd Bank, M&M and Sun Pharma, while the major losers were ONGC, Hero MotoCorp, Coal India, Bajaj Auto and HDFC Bank.

However, gains were capped by a fall in metal stocks that slipped after a fall in Aluminium prices on the London Metal Exchange (LME).

Meanwhile, on a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 680.99 crore, while domestic institutional investors (DIIs) bought shares worth Rs 508.55 crore yesterday, provisional data showed.

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The rupee, meanwhile depreciated 21 paise to 66.59 against the U.S. dollar today at the interbank foreign exchange due to appreciation of the greenback amid rising USA bond yields and surge in global crude oil prices.

The Nikkei fell 0.2 per cent to 22,114.03 in midmorning trade. The Shanghai Composite index shed almost 0.4 percent to 3,117.97. The 30-share BSE index lost 115.37 points to close at 34,501.27.

Bharti Airtel was the top gainer on Sensex (3.37%) and Nifty (2.90%) after the telco beat analysts' expectations of a net loss and managed to clock Rs 73 crore in net profit for Q4.

However, heavy selling pressure in metals, IT and consumer durables stocks, along with outflow of foreign funds and higher crude oil prices, trimmed some gains of the benchmark indices, market observers said.

Anand James, Chief Market Strategist, Geojit Financial Services, said: "Earnings positivity and buoyancy in the Asian and European peers led the market further higher, despite negative closing in the United States towed by higher bond yields and fall in technology stocks".

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