Sensex falls 100 points, Nifty below 9,200 as investors await Q4 results

Asian Paints, Wipro, NTPC and HDFC were the top losers on BSE Sensex

Benchmark indices were trading lower in afternoon trade after witnessing a gap up opening as investors waited awaited March-quarter earnings results.

 

Both Sensex and Nifty have gained in double-digits so far this year with NSE Nifty touching a record high of 9,273.90 last week, on the back of strong foreign investments and hopes for additional economic reforms.

 

At 1:11 pm, the S&P BSE Sensex was trading at 29,606 down 100 points, while the broader Nifty50 was ruling at 9,176, down 22 points.

 

In the broader market, the S&P BSE Midcap and the S&P BSE Smallcap indices outperformed benchmark indices; gained 0.3% and 0.6%, respectively. 

 

The market breadth was in the positive segment, but was narrowing as 1,697 shares advanced against a decline of 911 shares, while 104 shares were unchanged.

 

The rupee dropped a further 21 paise to 64.49 against the dollar today on growing safe haven appeal of the American currency after increased geo-political risks and higher chances of a tighter US monetary policy.

 

Axis Bank, Coal India, Tata Motors and Adani Ports were the top gainers on BSE Sensex, while Asian Paints, Wipro, NTPC and HDFC were the top losers.

 

Indian Oil Corp rose as much as 3.6% to a record high after a report that state-run oil marketing companies were mulling a plan that would allow daily changes in the price of automotive fuels.

 

Bhushan Steel surged as much as 9.94% to its 52-week high after Business Standard reported that the company last month submitted its final proposal for debt restructuring under the central bank's S4A scheme.

 

Globally, Asian stocks slipped on Monday as increased geopolitical risks prompted investors to favor safe-haven bets such as government debt while the dollar drew support from Federal Reserve policy tightening expectations.

 

MSCI's broadest index of Asia-Pacific shares outside Japan fell for a third consecutive session, heading back towards a three-week low tested on Friday.