Markets trade lower; Tata Steel, Dr. Reddy’s Lab top losers
17/05/2018 10:18
The key domestic benchmark indices were trading lower in the morning trading session amid mixed trend across Asian peers.

The traders are keeping a close eye on the political development in Karnataka as fortunes of BJP hang in balance. On the economy front, total investments via participatory notes (P-notes) into Indian capital markets plunged to a 9-year low of Rs 1 lakh crore in April amid stringent norms by the Securities and Exchange Board of India.

Also, for the first time, the Reserve Bank of India’s Monetary Policy Committee (MPC) will meet for three days in June for the second bi-monthly policy review instead of the usual two days.

Tata Steel saw profit booking after opening higher as it reported a consolidated net profit of Rs 14,688 crore for the March quarter. Also, shares of Divis Laboratories added 4 percent as USFDA completed inspection with no 483 observations.

At 10:10 a.m, the Bombay Stock Exchange bellwether Sensex was at 35343.76 down by 44.12 points or by 0.12 per cent, while the NSE Nifty was at 10726.55 down by 14.55 points or by 0.14 per cent.

The BSE Sensex touched an intraday high of 35510.01 and an intraday low of 35351.77 while the NSE Nifty touched an intraday high of 10777.25 and an intraday low of 10726.35.

The top gainers of the BSE Sensex pack were Coal India Ltd. (Rs. 267.35,+1.00 per cent), Kotak Mahindra Bank Ltd. (Rs. 1291.90,+0.79 per cent), Power Grid Corporation of India Ltd. (Rs. 214.80,+0.66 per cent), Hindustan Unilever Ltd. (Rs. 1583.75,+0.61 per cent), Bharti Airtel Ltd. (Rs. 377.60,+0.60 per cent), among others.

Meanwhile, Tata Steel Ltd. (Rs. 606.45,-2.51 per cent), Dr. Reddy's Laboratories Ltd. (Rs. 1976.00,-0.91 per cent), YES Bank Ltd. (Rs. 346.50,-0.86 per cent), Hero MotoCorp Ltd. (Rs. 3548.45,-0.78 per cent), Tata Motors Ltd. (Rs. 182.10,-0.76 per cent), were among the top losers on BSE.

The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total shares traded 1953, shares advanced were 1092 while 784 shares declined and 77 were unchanged.

On the global front, Asian stocks were trading mixed, while the Wall Street closed higher in the previous trading session led by gains in Retail and technology stocks.