INSUBCONTINENT EXCLUSIVE:
Authors: Jordan
The Sensex and Nifty declined on Thursday, dragged down by IT and FMCG stocks, while caution
prevailed in global markets ahead of China-US talks on tariffs
The US dollar today consolidated recent bumper gains after the Federal Reserve reaffirmed the outlook for more rate hikes
Reports that the Trump administration is considering executive action to restrict some Chinese companies' ability to sell telecoms equipment
in the United States were a dampener
The Sensex ended 73 points lower at 35,103 while Nifty settled at 10,679, down 38 points."Sentiment has been on the lower side because of
uncertainty with respect to trade talks There's also stock-specific reaction, and IT stocks are volatile," said Anand James, chief market
strategist, Geojit Financial Services.Shares of InterGlobe Aviation, the operator of IndiGo carrier, slumped 10 per cent after it posted a
73 percent plunge in profit on Wednesday.Biocon Ltd's shares lost 5 per cent after its Bangalore sterile drug product facility got seven
observations from US FDA and six from an European regulator.HCL Technologies Ltd continued to hurt sentiment
Its March-quarter profit missed analysts' estimate and weakened mood among other IT majors
HCL Tech slumped over 7 per cent today
Other top Nifty50 losers included UPL, Eicher Motors and Kotak Mahindra Bank, down between 2 per cent and 3 per cent.Among the top Nifty50
gainers were Sun Pharma, Bharti Infratel, Tata Steel, NTPC and Axis Bank, up between 2 per cent and 3.6 per cent.
