Indian markets turn choppy on weak global cues

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Indian markets turned choppy in early trade today tracking mixed cues from other Asian markets, ahead of Future and Options (F&O) expiry later this week.

The benchmark Sensex of the Bombay Stock Exchange (BSE) rose 78.11 points only to turn negative within minutes of session opening. The 30-share index was trading 15.24 points (0.04 percent) lower at 34400.34 with metals, and banking stocks leading the losses.

The broader 50-share NSE Nifty opened 28.75 points (0.27 points) higher at 10592.80.

Brokers said weakness in rupee and other Asian markets weighed on domestic equities, ahead of April F&O series this week.

ICICI Bank, Hero MotoCorp, ICICI Bank, Tata Steel and Coal India were among the top losers, falling up to 2 percent.

Major gainers included Yes Bank, IndusInd Bank, TCS, Bharti Airtel, L&T, M&M, Sun Pharma, Kotak Bank, RIL, HDFC, NTPC, ONGC, Bajaj Auto and Maruti Suzuki, rising up to 2 percent.

HDFC shares climbed 1.17 percent, to Rs 1,984, in early trade after it posted 20.3 percent growth in its standalone net profit at Rs 4,799.3 crore for the quarter ended on March 31, 2018, compared to a year ago period.

Standalone total income for the quarter ended March 31, 2018, was Rs 25,549.7 crore, up from Rs 21,560.7 crore for the quarter ended on March 31, 2017, HDFC said in a statement Saturday.

Meanwhile, on a net basis, Foreign Portfolio Investors (FPIs) sold shares worth Rs 21.02 crore on Friday, while Domestic Institutional Investors (DIIs) bought shares worth Rs 111.01 crore, a provisional data showed.

In other Asian markets, Hong Kong’s Hang Seng fell 0.23 percent, Japan’s Nikkei low by 0.34 percent, while Shanghai Composite Index gained 0.14 percent.

 The US Dow Jones Industrial Average had ended 0.82 percent lower in Friday’s trade. Nasdaq Composite Index was down by 1.27 percent.

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