INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Domestic markets recouped losses after witnessing a gap-down start
Investors shrugged off weak cues from US markets, which fell over half-a-per cent in overnight trade, as the US Federal Reserve stayed
status quo on the policy rate
Fed Chairman Jerome Powell's comments dashed hopes of a rate cut later in the year
But the domestic market chose to ignore the comments
Asian markets marked time on Thursday with two major centres - Japan and China - shut for holidays while the dollar held on to overnight
gains after the US central bank poured cold water on rate cut expectations
In overnight trade, the Dow Jones Industrial Average fell 163 points, to 26,430, the SP500 index lost 22 points, to 2,924 and the Nasdaq
Composite index dropped 46 points, to 8,050
The oil mart also kept the market gains capped
Oil prices were caught between opposing forces, squeezed by record US crude oil output and surging stockpiles, but supported by global
market tensions as all exemptions to US sanctions on Iran expired
Spot Brent crude oil futures traded at $72.15 a barrel, 4 cents below their last close.
The markets would keep an eye on stocks such as
Kansai Nerolac Paints, Dabur India, Hindustan Zinc, MRF, Tata Power, Bandhan Bank, Blue Star, Radico Khaitan, LT Infotech and JM Financial
are among firms which are among a few companies reporting their March quarter earnings today.
At 9:30 am, BSE benchmark Sensex was down 132
points or 0.34 per cent at 38,900 while its NSE counterpart Nifty shed 40.55 points, 0.35 per cent to trade at 11,707
Both the indices recouped losses fully by 10 am
Meanwhile among Sensex stocks, Bharti Airtel was the biggest gainer, up over 1 per cent, after it along with Vodafone Group Plc got in
talks with a consortium led by private equity firm KKR to slash their stakes by over half in the company.
YES Bank, HDFC Bank, Power Grid
and Bajaj Auto were among other gainers in the Sensex kitty of stocks.
Tata Motors with a fall of over 2 per cent was the biggest loser
followed by Maruti Suzuki, ICICI Bank, Infosys, SBI and TCS.
HDFCBank the biggest index contributor, but index heavyweights such as
Reliance, Infosys, ICICI bank dragged the market lower
on their expressions of interest, dashing hopes of a early revival of the airline.
BSE Midcap and BSE Smallcap fell 0.31 per cent and 0.27
per cent, extending their decline.
On the BSE sectoral front, barring telecom which rose 1.39 per cent, all sectors slipped
BSE Auto was the biggest loser, down, 1.11 per cent amid concerns of a slowdown in the auto sector
Maruti Suzuki, Tata Motors and Motherson Sumi were major drags of the auto sector.
