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Sensex down 50 pts, Nifty tests 12,100; NTPC, Tata Steel in focus ahead of Q3 earnings

Sensex, NiftyNifty Bank index was trading lower weighed by Kotak Mahindra Bank, IndusInd Bank, HDFC Bank, ICICI Bank and IDFC First Bank

Domestic equity market benchmarks Sensex and Nifty opened flat to negative on Friday taking cues from their Asian peers. Apart from this, investors booked profit after a 4-day consecutive rally in the Indian indices. The death toll in China from coronavirus has risen to 636, with the number of infections at 31,161. “The recent surge has negated the pessimism that we had around the budget however we’re seeing selective participation from the index majors. We might see a pause in the Nifty after the sharp rebound however the bias would remain on the positive side. Traders should focus more on stock selection,” Ajit Mishra, VP – Research, Religare Broking Ltd said.

Key things from today’s trade-

Sensex, Nifty flat- The S&P BSE Sensex was trading 52 points or 0.13 per cent lower at 41,253.64 points while the broader Nifty 50 index was ruling flat at 12,128 points. NTPC was the top gainer on Sensex pack with a growth of 2.37 per cent at Rs 114.65, followed by Hero MotoCorp, UltraTech Cement, Titan, HCL Tech and Sun Pharma. Conversely, PowerGrid was the top loser on the index. Kotak Mahindra Bank, Reliance Industries, LT, IndusInd Bank were among other laggards on the pack.

Sectoral indices trade mixed- Among Nifty sectoral indices, the Nifty Bank index was trading lower weighed by Kotak Mahindra Bank, IndusInd Bank, HDFC Bank, ICICI Bank and IDFC First Bank. The Nifty Financial Services index was also trading lower with weakness in Bajaj Finance, SBI Life and Bajaj Finserv.

Q3 earnings today- A total of 202 companies including ACC, ADF Foods, Alkem Laboratories, Ashoka Buildcon, Britannia Industries, Corporation Bank, Emami, Abbott India, NCC, NTPC and Tata Steel are among the companies that are scheduled to release their quarterly earnings in the day today.

FII and DII data- Foreign institutional investors (FIIs) sold shares worth Rs 560.36 crore, while domestic institutional investors (DIIs) bought shares of worth Rs 304.01 crore on Thursday, as per the data available on the NSE.

Rupee opened weaker- The Indian rupee opened lower at 71.27 a dollar against the previous close of 71.19 a dollar. Rupee closed higher on Thursday by 6 paise at 71.19 against the US dollar after the RBI kept the policy rates unchanged and maintained its accommodative stance to boost growth.

Global markets- In the Asian markets, MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.5 per cent on Friday. Japan’s Nikkei and Korea’s Kospi headed lower in morning trade. On Wall Street, the Dow Jones Industria gained 72.59 points or 0.25% to settle at 29,363.44, Nasdaq led the way with a 0.54% gain, while the S&P 500 ticked 0.26% higher.

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