Sensex, Nifty turn choppy; metal stocks fall

Team Udayavani, Mar 19, 2018, 10:32 AM IST

Mumbai: The benchmark BSE Sensex turned choppy in early trade today amid weak global cues and a widened current account deficit, which rose to 2 percent of the GDP at 878.51₹ billion in the December quarter.

The 30-share index rebounded by 99.79 points in opening deals only to turn choppy thereafter. The gauge was trading 32.96 points, or 0.10 percent, lower at 33,143.04. It had lost 741.94 points in the previous four sessions.

Coal India, Asian Paints, Adani Ports, Hero MotoCorp, Tata Steel, Bajaj Auto and Wipro fell up to 3 percent. The NSE Nifty slipped 18.95 points, or 0.19 percent, to trade at 10,176.20. Metal, realty and IT stocks fell up 1.25 percent.

Brokers said weak global cues ahead of the US Federal Reserve policy decision later in the week, influenced the trading sentiments here. A sharply widened current account deficit (CAD) too weighed on investors’ mood. The CAD rose to 2 percent of the GDP at 878.51₹ billion in the December quarter, up from 520.60₹ billion or 1.4 percent in the year-ago period, on the back of higher trade deficit, data released by RBI on Friday showed.

Meanwhile, on a net basis, foreign institutional investors sold equities worth Rs 150.46 crore on Friday, while domestic institutional investors (DIIs) sold shares worth Rs 770.53 crore, as per the provisional data.

In Asia, Hong Kong’s Hang Seng rose 0.35 percent, while Shanghai Composite index up 0.13 percent in early trade today. Japan’s Nikkei, however, was down 0.89 percent. The US Dow Jones Industrial Average ended 0.29 percent higher on Friday.