Sensex, Nifty struggle; Bharti Airtel shares fall 3%

Oil marketing companies gained after crude oil fall.

Oil marketing companies gained after crude oil fall.

New Delhi: Benchmark stock indices Sensex and Nifty struggled today amid weak global cues after the US Federal Reserve left key interest rates on hold last night, but hinted a rate hike next month. The BSE Sensex was trading 35 points lower at 35,201 while Nifty was flat at 10,594, down 3 points. Sensex had surged 246 points in the special Muhurat session on Wednesday to mark the beginning of Hindu Samvat year 2075. Indian markets were closed Thursday on account of Diwali Balipratipada.

Among the Sensex stocks, Yes Bank, Asian Paints, Adani Ports and Sun Pharma were up over 2%. Other major gainers included Hero MotoCorp, Axis Bank, Tata Motors, HUL and Power Grid.

Among the losers, Bharti Airtel shares were down 3% after Moody’s placed the telecom operator’s current rating of Baa3 on review for downgrade, primarily driven by its expectation that the company’s cash generation will remain weak and leverage at an elevated level.

Oil marketing companies gained after crude oil fall. HPCL rose 1.2%, Indian Oil Corp Ltd 1.3% and BPCL 2.2%. Shares of aviation companies gained due to softening of crude oil prices. InterGlobe Aviation, SpiceJet and Jet Airways were trading up to 2% higher.

Continuing their recent weak trend, global oil prices are down over 20% in a month on concerns over dampening demand.

Meanwhile, the rupee appreciated 35 paise to 72.65 against the dollar in early trade, following US mid-tem election results and easing crude oil prices.

According to provisional data available with the BSE, foreign portfolio investors (FPIs) bought shares worth a net of Rs 31 crore on Wednesday, while domestic institutional investors (DIIs) were net buyers too to the tune of Rs 27 crore.

Elsewhere in Asia, Japan’s Nikkei was trading 0.93% down, Shanghai Composite index fell 1.29%, while Hong Kong’s Hang Seng plunged 2.39% and Taiwan Weighted was down 1.40% in their early sessions.

Overnight, on Wall Street, the S&P 500 lost 0.25%t and the Nasdaq shed 0.53%.

With Agency Inputs

First Published: Fri, Nov 09 2018. 10 35 AM IST

Source: livemint