Sensex, Nifty open lower on global weakness; Bharti Airtel jumps 3%

Bharti Airtel, Bharti Infratel, HPCL, BPCL and Reliance Industries were early gainers.

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Benchmark indices opened lower, tracking negative trend in global stocks.

The 30-share BSE Sensex was down 52.82 points at 34,563.82 and the 50-share NSE Nifty fell 21.10 points to 10,593.30.

Bharti Airtel, Bharti Infratel, HPCL, BPCL and Reliance Industries were early gainers.

 Hindalco, Cipla and HCL Technologies were under pressure.

ICICI Prudential, Raymond, Idea Cellular, Advanced Enzyme, Bajaj Corp, MMTC, Parag Milk Foods, Coffee Day, Jubilant Life, Avanti Feeds, Granule India, Gati, Jaiprakash Associates, Indiabulls Ventures and Trent gained up to 5 percent.

Uniply Industries gained 2 percent after block deal of 10 lakh shares.

Balrampur Chini and Reliance Naval were under pressure.

Pre-opening Settlement: The market settled lower in pre-opening session, with the Sensex falling 23.47 points to 34,593.17 and the Nifty down 2 points to 10,612.40.

Technical Recommendations: We spoke to SMC Global Securities and here’s what they have to recommend:

Au Small Finance: BUY| Target Rs775| Stop Loss Rs640| Return 12%

Praj Industries Ltd: BUY| Target Rs107| Stop Loss Rs89| Return 12%

SBI Life Insurance: BUY| Target Rs822| Stop Loss Rs695| Return 11%

Disclaimer:-The views and investment tips expressed by investment experts are their own. Ripples Advisory advises users to check with certified experts before taking any investment decisions.

Stocks in news: Hero MotoCorp: Company hikes two-wheeler prices by up to Rs 625 to offset rising input cost

Strides Shasun: The company will Divest Its Stake In Stride Chemicals For Rs 131 crore.

State Bank of India: The bank will issue & encash electoral bonds through its 11 authorised branches from May 1-10.

Fortis Healthcare: IHH has submitted binding bids for Fortis and has proposed to inject Rs 650 crore at Rs 160 per share.

Blue Dart: The company’s Board will meet on May 08, 2018 to consider the financial results and recommend a dividend.

Bharti Infratel: Re-appoints Akhil Kumar Gupta as Exec chairman

Raymond: Company approves Rs 300 crore development plan for 20 acres land at Thane

DCM Shriram: Board approves expansion of PVC capacity for Rs 32 crore

Zensar Tech: Board approves stock split of equity shares in the ratio 5:1

Market Check: Benchmark indices were higher in pre-opening trade despite global weakness, with the Sensex rising 112.63 points to 34,729.27 and the Nifty climbing 1.90 points to 10,616.30.

A gauge of world stocks tumbled on Tuesday, erasing early gains as US bond yields scaled the 3 percent threshold for the first time in four years, while oil prices reversed course after climbing above the USD 75 per barrel mark, said a Reuters report.

Asian shares were under pressure on Wednesday, with a rise in US bond yields above the 3 percent threshold and warnings from bellwether U.S. companies of higher costs driving fears that corporate earnings growth may peak soon, it said.

Oil prices slipped on concerns that the United States might reinstate sanctions against Iran faded somewhat, reducing worries about the future of Iranian exports. Brent slid 85 cents, or 1.1 percent, to settle at USD 73.86 a barrel, said a report.

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