Sensex down 95 pts, Nifty below 10750 in late morning trade

Glen Norman
May 18, 2018

However, forex participants did not rule out the possibility of rupee touching 70-level mark against the U.S. dollar in the coming months as the underlying sentiments still remains weak.

No let-up in selling by foreign funds and rising global crude oil prices, which hovered near United States dollars 80 per barrel, affected investor sentiment, brokers said.

Most of the Asian markets fell as geopolitical developments and rising benchmark of the U.S. yields spurred a return of risk aversion.

Indian benchmarkindices dropped the most in a month after opening for trade on Wednesday as the political situation in Karnataka remained uncertain.

The BSE Sensex sank for the third straightsession on Thursday by 238.76 points to settle at a two-week-low of35,149.12 due to heavy selling in select stocks such as Finance, Bankex, Power and FMCG coupled with uncertainty over whether BJPwould prove majority to form new government in Karnataka. Both these indices outperformed the Sensex. Declines were led by banking, IT and infra shares.

At 1.10 p.m., the wider 50-scrip NSE Nifty was trading at 10,853.80 points - up 47.20 points or 0.44 per cent - from the previous close of 10,806.50 points.

At 9.24 a.m, the Sensex was trading up 40.54 points or 0.11% at 35,428.42 with 17 components gaining.

On the other hand, consumer durables rose 1.37%, realty 0.41%, infrastructure 0.28%, capital goods 0.24% and oil and gas 0.08%. The 30-share BSE index hit a high of 35993.53 in morning trade.

Foreign portfolio investors (FPIs) net sold shares worth ₹699.22 crore, while domestic institutional investors (DIIs) bought equities to the tune of ₹ 229.06 crore on May 16, as per provisional data.

Major losers were Wipro, L&T, HDFC Bank, Adani Ports, Infosys, Tata Motors, Asian Paints, Bharti Airtel, ICICI Bank, Maruti Suzuki, Axis Bank, ITC Ltd and Reliance Industries, falling by up to 1.28 per cent.

Japan's Nikkei was up 0.2 per cent. The Bank Nifty fell 0.41%.

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