Markets trade in red; Sun Pharma, Tata Motors top losers
10/08/2018 11:18
The key domestic benchmark indices were trading in the red in the late morning trading session tracking weak cues from global peers, weighed down by financial and metal stocks. On the economy front, the Index of Industrial Production or IIP for June will be announced today.

The banking stocks were under pressure ahead of first quarter earnings report of index heavyweight State Bank of India which will released its June quarter financial report today.

Shares of Jet Airways tanked 10 percent after the airline has deferred its results and its audit panel refused approval to its results. Also, shares of Liberty Shoes rose 5 percent on Friday morning as investors cheered its financial results for the June quarter.

On the earnings front, big companies like SBI, UCO Bank, United Bank, Andhra Bank, GAIL, PCJ, Voltas, Sun TV, Apollo Hospitals, DLF and Glenmark, will report their quarterly earnings later in the day.

At 11:10 hrs, the Bombay Stock Exchange bellwether Sensex was trading at 37904.99 down by 119.38 points or by 0.31 per cent, while the NSE Nifty was at 11442.9 down by 27.8 points or by 0.24 per cent.

The BSE Sensex touched an intraday high of 38051.45 and an intraday low of 37898.33 while the NSE Nifty touched an intraday high of 11478.75 and an intraday low of 11433.5.

The top gainers of the BSE Sensex pack were YES Bank Ltd. (Rs. 389.50,+2.16 per cent), Bharti Airtel Ltd. (Rs. 371.85,+1.39 per cent), Asian Paints Ltd. (Rs. 1434.30,+1.34 per cent), Hero MotoCorp Ltd. (Rs. 3312.05,+1.13 per cent), Mahindra & Mahindra Ltd. (Rs. 941.05,+0.84 per cent), among others.

Meanwhile, Sun Pharmaceutical Industries Ltd. (Rs. 557.00,-2.40 per cent), Tata Motors Ltd. (Rs. 140.50,-1.92 per cent), Coal India Ltd. (Rs. 274.80,-1.91 per cent), ICICI Bank Ltd. (Rs. 326.65,-1.89 per cent), State Bank of India (Rs. 310.50,-1.88 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 shares traded 2450, shares advanced were 1003 while 1332 shares declined and 115 were unchanged.

On the global front, Asian stocks were trading lower as investors weighed escalating global trade tension, while the Wall Street closed mixed in the previous trading session as trade jitters held markets in check.