Sensex sheds 187 points to snap winning streak, telecom stocks fall

Muriel Hammond
May 5, 2018

The NSE Nifty50 index was up 11 points at 10,750m while the BSE Sensex was up 105 points at 35,266.

On Thursday, the equity indices had ended in the red due to disappointing quarterly results, along with heavy selling pressure in capital goods, IT and FMCG stocks.

Both, benchmark Sensex and BSE Midcap index, were running together in the lower territory during Friday's trade around 1:55 pm (IST), falling 0.45 per cent and 0.42 per cent, respectively.

The BSE market breadth was bearish with 1,833 declines and 831 advances. The Dow Jones Industrial Average rose 5.17 points, or 0.02 per cent, to end at 23,930.15, the S&P 500 lost 5.94 points, or 0.23 per cent, to 2,629.73 and the Nasdaq Composite dropped 12.75 points, or 0.18 per cent, to 7,088.15. "The weakness seemed to have come on the back of negative global cues", Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.

He further said: "Major Asian markets have closed on a negative note barring the Taiwan index".

Sensex today: The benchmark indices openED lower on Friday tracking negative trend in Asian markets, which stepped back as financial markets turned their attention to the looming US payrolls data for fresh catalysts.

"Rupee weakened as positive US employment data might lead to (US) Feds monetary tightening".

On the currency front, the Indian rupee strengthened by one paise to 66.65 against the U.S. dollar from its previous close at 66.66.

Provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 148.42 crore, and the domestic institutional investors sold stocks worth Rs 578.92 crore. The gauge lost 73.28 points in the previous session.

On the other hand, biggest gainers in the 30-share index were Adani Ports and Special Economic Zone (2.23%), Oil & Natural Gas Corporation (1.94%), Bharti Airtel (1.61%), State Bank Of India (0.56%), I C I C I Bank (0.39%), and Power Grid Corporation Of India (0.36%).

Sun Pharma, Yes Bank, Bajaj Auto and ITC were among the major losers on Sensex with their stocks ending as much as 2.95 per cent lower.

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