Markets open lower in early trade
14/06/2018 09:23
The key domestic benchmark indices opened flat in the morning trading session amid weak cues from other Asian peers.

On the economy front, markets may react to a report from Fitch Ratings which raised India’s growth forecast for 2018-19 to 7.4 percent from 7.3 percent, but cited higher financing costs and rising oil prices as risks to growth.

Also, the RBI said that Current account deficit (CAD) jumped over three times to USD 48.7 billion, or 1.9 percent of the country's GDP, in FY18 from USD 14.4 billion or 0.6 percent in the previous year, driven by higher trade deficit, Also, traders and investors are closely awaiting a series of domestic and global events this week including wholesale price index (WPI) inflation data scheduled to be released today.

On the IPO front, Indian additives maker Fine Organic Industries Ltd has set a price range of Rs 780-783 a share for an initial public offering (IPO) that will open on June 20.

At 09:20 a.m the Bombay Stock Exchange bellwether Sensex was trading at 35648.24 down by 90.92 points or by 0.25 per cent, while the NSE Nifty was at 10827.50 down by 29.20 points or by 0.27 per cent.

The top gainers of the BSE Sensex pack were Oil And Natural Gas Corporation Ltd. (Rs. 171.90,+1.12 per cent), Axis Bank Ltd. (Rs. 543.85,+0.76 per cent), Adani Ports & Special Economic Zone Ltd. (Rs. 385.00,+0.75 per cent), Kotak Mahindra Bank Ltd. (Rs. 1333.50,+0.55 per cent), Sun Pharmaceutical Industries Ltd. (Rs. 548.40,+0.50 per cent), among others.

Meanwhile, Infosys Ltd. (Rs. 1259.00,-1.34 per cent), Reliance Industries Ltd. (Rs. 996.20,-0.59 per cent), Maruti Suzuki India Ltd. (Rs. 8950.00,-0.46 per cent), ITC Ltd. (Rs. 267.00,-0.41 per cent), State Bank of India (Rs. 287.00,-0.23 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 437, shares advanced were 223 while 187 shares declined and 27 were unchanged.

On the global front, Asian stocks were trading lower after the Federal Reserve raised interest rates and took a more hawkish tone while concerns about US-China trade frictions kept investors on edge, while the Wall Street closed lower in the previous trading session after the US Federal Reserve raised interest rates as expected and projected a slightly faster pace of rate hikes this year.