Benchmark indices on Wednesday opened lower tracking weak global cues. The benchmark indices openedThe 30-share BSE Sensex was down 52.82 points at 34,563.82 and the 50-share NSE Nifty fell 21.10 points to 10,593.30. Among the early gainers were, Bharti Airtel, Bharti Infratel, HPCL, BPCL and Reliance Industries. While the shares of Hindalco, Cipla and HCL Technologies were trading under pressure.
Benchmark indices on Wednesday opened lower tracking weak global cues. The benchmark indices openedThe 30-share BSE Sensex was down 52.82 points at 34,563.82 and the 50-share NSE Nifty fell 21.10 points to 10,593.30. Among the early gainers were, Bharti Airtel, Bharti Infratel, HPCL, BPCL and Reliance Industries. While the shares of Hindalco, Cipla and HCL Technologies were trading under pressure.
Despite posting its lowest quarterly profit in nearly 15 years at Rs 82.9 crore for the January-March period, a year-on-year (yoy) drop of 77.8 per cent, shares of Bharti Airtel gained more than 3 per cent
Analysts had predicted first net loss for the company.
At 10:00, indices extended losses, with the Sensex falling 100.91 points to 34,515.73 and the Nifty declining 36 points to 10,578.40.
Brokers said sentiment turned weak on sustained capital outflows by foreign funds amid a weak trend in other Asian markets following overnight weakness at Wall Street after the 10-year treasury yield briefly touched the 3 per cent level for the first time in four years.
Meanwhile, on a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 680.99 crore, while domestic institutional investors (DIIs) bought shares worth Rs 508.55 crore yesterday, provisional data showed.
In the Asian region, Japan's Nikkei fell 0.65 per cent, Hong Kong's Hang Seng shed 1.07 per cent in early trade. China's Shanghai Composite index too was down 0.59 per cent.
The Dow Jones Industrial Average ended 1.74 per cent lower in yesterday's trade.
The rupee depreciated 21 paise to 66.59 against the US dollar today at the interbank foreign exchange due to appreciation of the greenback amid rising US bond yields and surge in global crude oil prices.
Also, a lower opening in the domestic equity market too weighed on the investor sentiment.
Dealers also attributed the rupee's fall to increased demand for the US currency from importers due to month-end demand and sustained foreign capital outflows.
The rupee yesterday recovered by 10 paise to 66.38 against the US dollar due to fresh selling of the American currency by exporters and banks.
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