Indian benchmark indices today opened in the negative, tracking weak global cues. At the opening, BSE Sensex slipped 101 points or 0.33% at 30466.82 points, while NSE Nifty50, the broader benchmark, fell 72.55 points or 0.76 to 9453.20 points. The Indian rupee opened lower by 19 at 64.34 per dollar versus previous close 64.15.
Earlier on Wednesday, major U.S. indices declined on reports of a memo from former FBI Director James Comey that President Donald Trump asked him to stop the investigation of former national security adviser Michael Flynn.
The Dow Jones Industrial Average lost 372.82 points or 1.78% to end at 20,606.93 points, the S&P 500 index fell 43.64 points or 1.82 percent at 2,357.03 points and the NASDAQ Composite dropped 158.63 points or 2.57 percent to 6,011.24 points.
Today, IRB InvIT Fund will make its stock market debut, after it successfully closed its initial public offer earlier this month. The IPO of IRB InvIT Fund, with its price band of Rs 100-102, was the first in the InvIT space, was oversubscribed 8.57 times with the institutional investors’ category being oversubscribed 10.81 times and other investors category oversubscribed 5.89 times.
Aditya Birla Nuvo, Bajaj Auto, Bank of Baroda, Coffee Day Enterprises, Cummins India, IDBI Bank, Jyothy Labs and VIP Industries are some of the companies that are scheduled to report their quarterly earnings today.
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Here are the top stocks pulling Sensex down:
Shares of ITC were down 1.03% at Rs. 278.95. ITC’s stock price has been under pressure in last two trading sessions where it fell 1.68% after having risen on the back of forecasts of a normal monsoon due to which the FMCG business is expected to do well, especially in the rural markets.
Shares of Reliance Industries were down 0.85% at Rs. 1,340.90. Earlier last month, India’s most profitable conglomerate had announced spectacular Q4FY17 results, where the company’s net profit rose 12.3% on-year to Rs 8,046 crore. In the fourth fiscal quarter of FY17, Reliance Industries’ turnover rose 45.2% on-year to Rs 92,889 crore. Also, Reliance Corporate IT Park Limited (RCITPL) – a subsidiary of Reliance Industries Limited announced that it has signed a Memorandum of Understanding (MoU) with SAP SE to launch ‘SARAL GST’ solution for taxpayers in the GST regime.
Larsen & Toubro
Shares of Larsen & Toubro were down 1.39% at Rs. 1,731.05. Larsen & Toubro’s stock price is under pressure today after having risen 2.74% in the last 7 trading sessions.
Here are the top stocks supporting the Sensex:
The stock price of Tata Consultancy Services was up 0.89% at Rs 2,473.10. TCS’s Rs 16,000-crore mega-buyback offer opens today and will close on May 31. The share buyback, if successful, will be India’s biggest, surpassing Reliance Industries’ 2012 share repurchase of Rs 10,400 crore.
The stock price of Wipro was up 1.52% at Rs 513.75. The stock was under selling pressure yesterday and fell 1.7%.
The stock price of Housing Development Finance Corporation Ltd was up 0.14% at Rs. 1,554.80. The stock was under pressure and declined 0.90%. Earlier, HDFC had reported a 21.58 per cent year-on-year drop in standalone net profit at Rs 2,044.20 crore for March quarter. Standalone net profit for Q4FY17 rose 20.16% on-quarter from Rs 1,701.21 crore. Consolidated net profit for Q4 declined 11.01% on-year to Rs 3,079.33 crore.