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Sensex drops 73 pts, Nifty breaks below 10,700; PCJ climbs 11%

Broader BSE Midcap and Smallcap indices fell 1.16 per cent and 0.84 per cent, respectively.

Updated: May 03, 2018, 06.12 PM IST
Sensex snaps 4-day rising streak, drops 73 pts, Nifty breaks below 10,700
Sensex snaps 4-day rising streak, drops 73 pts, Nifty breaks below 10,700
NEW DELHI: Indian stock market remained subdued on Thursday on account of selling in IT, capital goods, auto and FMCG stocks amid weak global cues ahead of trade talks between the US and China.

Market participants were left disappointed with uninspiring March quarter earnings posted by some of the bluechip counters and turned to profit taking.

The BSE Sensex slipped 73 points, or 0.21 per cent, to stop at 35,103, while the Nifty50 index fell 38 points or 0.36 per cent to end the day at 10,680.

Broader BSE Midcap and smallcap indices fell more than Sensex, closing the day with losses of 1.16 per cent and 0.84 per cent, respectively.

"Market was volatile even after 10 yr domestic bond yield slid & rupee strengthened following FEDs dovish monetary policy. The global market is trading weak as US starts trade talk with China while any escalation of trade war will dampen investor’s sentiment. Back home, results and upcoming state election will give near term direction," said Vinod Nair, Head of Research, Geojit Financial Services.

Sun Pharma, ICICI Bank and HDFC featured among the top gainers in the Sensex pack, whereas Reliance, Infosys, Wipro, Kotak Mahindra Bank and Larsen & Toubro stood among the top drags on the index.

Overall, 13 stocks closed the day in the green, while 18 in the red in the Sensex kitty.

Shares of Idea Cellular fell over 5 per cent to hit 63.55 level, its lowest since May 2011.

Beleaguered jewellery firm PC Jeweller reversed its early losses on Thursday and rallied over 32 per cent from the day's low after the company termed reports of arrest of MD and CEO Balram Garg by the CBI as "factually incorrect". The scrip closed the day 9.76 per cent up at Rs 121.45.

Shares of HCL Technologies slumped 8 per cent on Thursday, extending slide to the second session following its less-than-expected fourth quarter results.

InterGlobe Aviation too sank 18 per cent on Thursday on account of disappointing March quarter results. However, it pared some losses and closed the day at Rs 1,205.80, down 10.57 per cent.

As far as sectors are concerned, barring bank and metal, all other remained dull. Realty, IT, FMCG and capital goods were the top losers among the sectoral indices on BSE.

Global stocks edged up a little on Thursday as worries over global trade tensions weighed, while the US dollar consolidated recent bumper gains after the Federal Reserve reaffirmed the outlook for more rate hikes, Reuters reported.

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