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MARKETS ON THURSDAY: Indices end lower, Nifty below 10,700; IT stocks fall

SI Reproter/New Delhi 03 May 18 | 01:56 PM

Benchmark indices declined on Thursday, dragged down by IT and pharma stocks, while caution prevailed as hopes waned for real progress in Sino-US trade talks due later in the day.

Among sectoral indices, the Nifty IT index was over 1% down led by fall in the shares of HCL Technologies and MindTree.

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Shares of InterGlobe Aviation slumped nearly 20% during the day to hit their lowest in seven months and wiped out nearly Rs 101.13 billion ($1.52 billion) in market capitalisation after it posted a 73% plunge in profit on Wednesday.

Going ahead, the investors will also be mindful of the upcoming state elections in Karnataka on May 12 that are being seen as a semi-final to the general elections scheduled in 2019.

Gloablly, Asian shares fell, while the US dollar consolidated recent bumper gains after the Federal Reserve reaffirmed the outlook for more rate hikes. Reports that the Trump administration is considering executive action to restrict some Chinese companies’ ability to sell telecoms equipment in the United States were a dampener.

The Federal Reserve held interest rates steady on Wednesday and expressed confidence that the recent rise in inflation at a level near the US central bank's target would be sustained, keeping it on track to raise borrowing costs in June. It was widely expected that the US central bank would keep rates unchanged in May 2018, but might raise them again in June 2018.

(with Reuters inputs)

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Sensex

Company Price Gain (%)
O N G C175.354.59
Tata Steel567.203.43
Yes Bank339.452.71
IndusInd Bank1,914.102.29
Adani Ports379.252.17

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