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  1. Sensex, Nifty turn gloomy ahead of GST meeting; Airtel thrashes ‘negative’ outlook, jumps 3%

Sensex, Nifty turn gloomy ahead of GST meeting; Airtel thrashes ‘negative’ outlook, jumps 3%

Indian stock markets fell into negative territory after opening marginally higher on Friday as most of the Asian equities edged lower in the early morning deals and the escalated concerns over Q4 earnings kept the caution intact.

By: | Published: May 4, 2018 9:44 AM
BSE Sensex was trading down 84.15 points at 35,018.99 whereas NSE Nifty was trading 32.1 points lower at 10,647.55. (Image: Reuters)

Indian stock markets fell into negative territory after opening marginally higher on Friday as most of the Asian equities edged lower in the early morning deals and the escalated concerns over Q4 earnings kept the caution intact. Investors might also be watching the outcome of the scheduled GST meeting later today. Shares of India’s largest telecom company Bharti Airtel emerged as the top gainers even after the global credit rating agency S&P revised its outlook on Airtel to ‘negative’ from ‘stable’ over the worries of lower-than-expected earnings for the quarter and the year ended 31 March and huge capex. Asian shares stepped back while the Japanese yen held onto overnight gains in early trading on Friday as financial markets turned their attention to the looming U.S. payrolls data for fresh catalysts, Reuters reported

The stock of Bharti Airtel surged about 2.7% to Rs 415.15 on BSE on Friday. “We view an aggravation in price competition without any meaningful reduction in capex as key risks to a recovery in Bharti’s financial performance,” S&P said in a note.
On the other side, S&P affirmed its rating on Bharti Airtel at ‘BBB-‘. The revised outlook is reflective of the “risks associated with a recovery in Bharti’s financial leverage over the next 12-24 months”, S&P added. Shares of Adani Ports and HUL gained up to 1.2%. While shares of Asian Paints, Infosys, Wipro, Sun Pharma, Coal India, Bajaj Auto declined more than 1% each. At the time of writing, BSE Sensex was trading down 84.15 points at 35,018.99 whereas NSE Nifty was trading 32.1 points lower at 10,647.55.

The S&P 500 ended lower on Thursday after a choppy session as disappointing earnings reports from several companies offset strong economic data, Reuters said in a report. A sharp drop after the open had pushed the S&P 500 and the Dow Jones Industrial Average below their 200-day moving averages, a key technical indicator of longer-term momentum, Reuters added. The Dow Jones Industrial Average rose 5.17 points or 0.02% to 23,930.15, the S&P 500 lost 5.94 points or 0.23% to 2,629.73 and the Nasdaq Composite dropped 12.75 points or 0.18% to 7,088.15.

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