INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Indian equity benchmarks Sensex and Nifty opened in the green on Friday, tracking positive global cues, but soon pared gains to
trade in the negative zone.
Participants said uninspiring quarterly earnings, concerns of a slowdown in the economy and lingering liquidity
crisis in the NBFC space remain an overhang for the market
earlier, as the fiscal 2018 outturn fell short
Meanwhile, Finance minister Nirmala Sitharaman stuck to her budget proposals and declined to relent on the demand by foreign portfolio
investors (FPIs) structured as trusts that they be exempted from a higher surcharge
In the July 5 budget, Sitharaman had proposed to increase the surcharge levied on top of the applicable income tax rate to 25 per cent from
15 per cent for those with taxable incomes between Rs 2 crore and Rs 5 crore, and to 37 per cent for those earning more than Rs 5 crore
Foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 1,405 crore on Thursday, data available with NSE
DIIs were net buyers to the tune of Rs 329 crore, data suggests.
BSE benchmark Sensex was trading at 38,703 around 9.50 am, down 195 points
or 0.50 per cent while Nifty50 was
trading 65 points or 0.56 per cent lower at 11,532
The market is awaiting quarterly numbers from Reliance Industries (RIL) later today
The oil-to-telecom may deliver muted profit growth when it unveils June quarter earnings on Friday due to challenges in the refining and
However, telecom arm Jio and retail business may drive performance, analysts said
ONGC, YES Bank, M-M, Kotak Mahindra Bank, Bajaj Auto and Hero MotoCorp were among the top losers in the Sensex index.
On the global front,
Asian stocks gained and the dollar sagged after a top Federal Reserve official all but cemented expectations of a US interest rate cut later
this month, Reuters reported.