Sensex, Nifty trade lower, Infosys shares fall 3%

Tension in Middle East pull back Indian indices

Sensex pares some losses to reclaim 34000; Nifty above 10400

Benchmark equity indices recouped all the losses, with the Nifty reclaiming 10,500 mark backed by HDFC twins and ITC.

Meanwhile, India's wholesale inflation eased to an eight-month low of 2.47 percent in March on cheaper food articles, the commerce ministry report showed, helping investors shrug off Infosys's lackluster quarterly results and data showing widening trade deficit in March. Nasdaq and S&P 500 was also down by 0.47 percent and 0.29 percent respectively.

UCO Bank shares sank 14% to Rs21 after the Central Bureau of Investigation (CBI) on Saturday booked the bank's former chairman and managing director Arun Kaul and others for an alleged fraud to the tune of Rs621 crore. Sectoral indices led by Tech, IT, PSU, Power, oil and gas, infrastructure and banking stocks declined up to 1.45 percent.

Healthy buying in healthcare, fast moving consumer goods (FMCG) and capital goods stocks supported the upward trajectory of key indices.

In the broader market, the BSE Midcap was little changed, while the BSE Smallcap gained 0.4 per cent. Market breadth, indicating the overall health of the market, turned negative.

A total of 30 stocks registered a fresh 52-week high in trade today, while 25 stocks touched a new 52-week low on the NSE.

The major gainers on the BSE on Monday so far were Asian Paints, Mahindra and Mahindra, HDFC, Hero MotoCorp and ITC, while Tata Motors (DVR), Tata Motors, Infosys, Tata Steel, ONGC were among the main losers. The historical evidence suggests geopolitical risk as an excellent opportunity "to buy the fear" as near term weakness see long term gains.

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