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Sensex slips 50 points, Nifty50 tests 11,000 on ECB growth forecasts

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NEW DELHI: Weak global sentiment clouded Indian equity market as benchmarks Sensex and Nifty fell in the opening deals on Friday. The concerns over slowing global economic growth grew stronger after the European Central Bank (ECB) slashed its growth forecasts and unveiled plans to deploy additional stimulus to prop up the economy. Major global markets came under pressure after the ECB pushed out the rate hike until 2020 and offered banks a new round of cheap loans, highlighting continued weakness and uncertainty in economy. Crude's fall offered some support and capped the fall for the market.

Oil prices fell on weak demand outlook as well as on the concerns that a rise in US crude output may offset any impact of Opec supply cuts. Around 9:30 am, the BSE Sensex was 48 points, or 0.13 per cent, down at 36,677, while the NSE Nifty was 27 points, or 0.24 per cent, down at 11,032. BSE Midcap and Smallcap indices were trading with nominal gains at that time.

ONGC, HCL Tech, Tata Motors, Infosys and Vedanta were among the top losers in the Sensex index, falling up to 2 per cent. Shares of Tata Motors fell after the auto major said its struggling British arm Jaguar Land Rover has posted a 4.1 per cent decline in its global sales to 38,288 units in February.

Shares of Wipro cracked nearly 5 per cent on block deals in early trade.

According to an ET Now, 2.67 crore shares or 0.40 per cent equity traded in a block at Rs 260 per share. On the other hand, NTPC, Mahindra Mahindra, Larsen Toubro, ITC and Hindustan Unilever were among the top gainers.

In the 31 share (including Tata Motors DVR) index, 17 were in the green and 14 were in the red. Among the sectoral indices on BSE, IT, metal, energy, oil gas and teck were among the losers, while FMCG, telecom, utilities, capital goods, power and realty were in the positive territory. Foreign portfolio investors (FPIs) bought Rs 1,137.85 crore worth of domestic stocks on Thursday, data available with NSE suggested.

DIIs were net sellers to the tune of Rs 925.46 crore, data suggested.




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