Sensex, Nifty Halt Record Gaining Streak; Rupee Weakens
Indian shares ended their record closing streak, with the rupee poised for its biggest drop since mid-November, as concerns over President Donald Trump’s administration sapped investor’s risk appetite.
"Markets were looking tired as there were no fresh triggers to support the trend. We could see a correction of 300 to 400 points on the Nifty in the short term," said Yogesh Nagaonkar, fund manager at Bonanza Portfolio.
“9,000 levels would be the right time to deploy money," said Nagaonkar.
The S&P BSE Sensex fell 0.73 percent at 30,434 while the NSE Nifty declined 1.01 percent to 9,429. Both the indexes snapped three sessions of gains.
Among the sectoral indices, S&P BSE Realty fell 3.1 percent while the S&P BSE Metal shed 2.8 percent.
The market breadth was skewed in the favour of losers, with about 7 stocks declining to every 2 stocks that advanced.
Rupee Weakens Against Dollar
The rupee slid as much as 1.1 percent to 64.89 against the U.S. dollar, its lowest since April 2017, compared to previous close of 64.15. Currency was now down 0.8 percent at 64.67.
There have been some outflows from foreign investors, said a forex trader adding that a bulk of the market reaction was in response to what happened overnight in the U.S. markets.
There is a reasonably risk-off sentiment, which could lead to a further correction in the currency, trader with private bank said.
CESC Slumps As Board Approves Restructuring
- Shares of power supplier fall as much as 17.3% to Rs 807, the most since October 2012
- Board approved demerger of some businesses into units; To merge infra unit, spencer retail, music world with self
- Q4 net income Rs 295 crore vs estimate Rs 211 crore
IDBI Bank Slumps On Asset Quality Worries
- Shares fall as much as 8.2% to Rs 69.70, the most since January 2016
- Q4 gross NPA 21.25% end-March vs 15.16% end-December
- Q4 provision Rs 5,330 crore vs Rs 186 crore last year
- Q4 loss at Rs 3,200 crore
BQSpotted: Gufic Biosciences Hits Life-time High
- Stock rose as much as 20%, the highest intraday gain in nearly 6 months
- Volumes at 62 times its 20-day average
- Stock has gained 42% year-to-date
- The pharma company has a market cap of Rs 584 crore
Bajaj Auto Swings After Q4 Earnings
- Q4 net profit Rs 862 crore vs estimate Rs 842 crore
- Q4 revenue Rs 5,213 crore vs estimate Rs 4,830 crore
- Declares dividend of Rs 55 a share
- Shares swing between gains and losses after margins miss estimates