Nifty below 10,150 mark; Fortis, Tata Steel stocks fall

Domestic share indices made a negative start to the session with broad-based losses led by metal, bank and information technology stocks, and weighed down by subdued trend across most global markets.

A month-on-month fall in goods and services tax collection in February and expiry of the March derivatives series today exacerbated the weakness.

At 12:03 PM, the BSE Sensex was trading at 33,024, down 150 points, while the Nifty50 index was trading at 10,141, down 42 points.

The BSE Midcap and the BSE Smallcap indices was down by 0.20% and 0.42%, respectively.

Hindustan Aeronautics scrip was listed today at Rs1,169 apiece on the BSE, a 3.8% discount to the issue price of Rs1,215.

Persistent Systems stock tanked over 9% after the IT company informed the exchanges that it is expecting a decline in IP revenues for Q4FY18, which is about to wrap up shortly.

Mylan and Biocon receive approvals from the European Commission and TGA Australia for semglee, biosimilar insulin glargine. Biocon stock rose 1%.

Indoco Remedies stock dropped 6% after the company received seven observations (three critical and four major) for Goa drug manufacturing plant from UK-MHRA.

Fortis Healthcare stock fell over 7% after the company announced that it will demerge its hospitals business into TPG backed Manipal Hospitals. Manipal will also buy Fortis’s stake in the diagnostics business SRL.

Subdued trend in global equities took a toll on metal and commodity stocks, with the Nifty Metal index slumping 1.3%. Shares of Hindalco Industries and Vedanta, both down nearly 2%, were among the worst hit on Nifty 50.

All sectoral and thematic indices on the NSE were down 0.1-1.3% in early trade. Only six of the Nifty50 constituents were in positive territory, with Tata Motors leading the pack with 0.7% gains.

The Indian Rupee opened higher at 64.88 per dollar against yesterday's close of 64.97.

Volatility index India VIX was down 1.49% to 15.3175.

Indiabulls HF (+1.3%), Tech Mahindra (+0.97%), Wipro (+0.97%), Lupin (+0.71%) and UPL (+0.50%) were the top gainers on Nifty50.

Tata Steel (-2.5%), Hindalco (-1.9%), Cipla (-1.7%), Bharti Airtel (-1.7%) and Adani Ports (-1.7%) were the top losers in today’s trade.

Out of 2,012 stocks traded on the NSE, 453 advanced, 1,127 declined and 432 remained unchanged today.

A total of seven stocks registered a fresh 52-week high in trade today, while 71 stocks touched a new 52-week low on the NSE.


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