Sensex opens down 166 pts, Nifty breaks 10750 on global weakness; PNB sinks 11%

Most Asian stocks traded lower following a down day for Wall Street as the US 10-year Treasury yield rose to 3.09 percent overnight.


Results Today: ITC, Tata Steel, Hindalco, TVS Motor, Aarti Drugs, NIIT, Alembic Pharma, Balkrishna Paper Mills, Brigade Enterprises, Welspun India, Century Plyboards, DB Corp and Praj Industries will announce their quarterly earnings today.

Buzzing: Indiabulls Real Estate share price gained more than 6 percent ahead of board meeting to consider share buyback proposal.

The real estate company informed exchanges that a meeting of the board of directors will be held on May 18 to consider the proposal of buyback of equity shares.

It further said in terms of SEBI regulations and Code of Conduct for Prevention of Insider Trading of the company, the trading window for dealing in securities of the company has been closed and will remain closed till May 20, 2018.

Market Opening: Benchmark indices opened sharply lower, following weak trend in global stocks and uncertainty over formation of government in Karnataka.

The 30-share BSE Sensex was down 166.25 points at 35,377.69 and the 50-share NSE Nifty declined 54.20 points to 10,747.70.

Nifty Bank fell 184 points as PNB plunged 10 percent.

Lupin, Power Grid, Tata Steel, Tata Motors, TCS and Tech Mahindra were early gainers.

Titan Company, Bajaj Finserv, ICICI Bank, Axis Bank, Cipla, HPCL and SBI were under pressure.

Nifty Midcap was down 83 points. Reliance Communications, Jaypee Infratech, MRPL, Shakti Pumps, PI Industries, Syndicate Bank, Allahabad Bank, Karnataka Bank, Bajaj Hindusthan and IDBI Bank were down up to 8 percent.

Endurance, Crompton Consumer, Indiabulls Real Estate, Bhushan Steel, IRB Infrastructure and Ashok Leyland gained up to 7 percent.

Market Outlook: Abhinav Gupta , President, Capital Markets, Share India Securities said index seems to be at the cross roads as Tuesday’s intraday reversal could be beginning of further corrective action. Besides, weaker global cues and sluggish rupee added to the subdued sentiments on the bourses. Brace up for more volatility ahead. Below 10,780, Nifty would test sup of 10,720-10,680. Resistance is at 10,880.

Benchmark indices were mildly lower in pre-opening trade, tracking weakness in global stocks and following trend in SGX Nifty futures.

The 30-share BSE Sensex was down 78.53 points at 35,465.41 and the 50-share NSE Nifty fell 35.70 points to 10,766.20.

Eicher Motors, Allahabad Bank, PNB and Andhra Bank were under pressure.

The SGX Nifty futures indicated weak opening for the market as it was trading down 67.50 points at 10,758 on the Singaporean Stock Exchange.

Most Asian stocks traded lower following a down day for Wall Street as the US 10-year Treasury yield rose to 3.09 percent overnight.

US stocks dropped sharply on Tuesday after Home Depot reported quarterly sales that fell short of Wall Street’s expectations and interest rates breached new highs, reports CNBC.

The Dow Jones industrial average fell 193 points to close at 24,706.41 while the S&P 500 declined 0.7 percent to 2,711.45 and the Nasdaq composite dropped 0.8 percent to 7,351.63.

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