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Sensex edge lower, Nifty below 10,645; GM Breweries plunges 13%

Share Source By

Dion Global

04 Jan 2019

Indian benchmark indices have pared early gains and are now trading largely flat amid a rout on Wall Street after Apple Inc cut its revenue forecast for the first time in nearly 12 years, blaming weaker iPhone sales in China. The shares of GM Breweries plunged as much as 13 per cent in the early trade on BSE on Friday after the beverage company reported a 25 per cent year-on-year (YoY) decline in its Q3 net profit. The shares of cash-strapped Jet Airways fell as much as 4.3 percent in early trade after a media report suggested that revenue from ticket sales could be used to securitise outstanding debt. Coal India fell in morning on Friday after global research house CIMB has reduce call on the stock and slashed its target price to Rs 212 from Rs 245 earlier. The reason behind cutting price target and having reduce call is earnings concerns going ahead.

At 10:28 hours, BSE SENSEX was trading at 35425.74 down by -87.97 points or by -0.25 per cent and then NSE Nifty was at 10643.4 down by -28.85 points or by -0.27 per cent.

Among the top gainers of the BSE Sensex were Tata Motors Ltd. (Rs. 169.95,+2.26%), Tata Motors Ltd. (Rs. 90.70,+1.68%), Bharti Airtel Ltd. (Rs. 318.20,+1.61%), Axis Bank Ltd. (Rs. 613.65,+0.94%), Oil And Natural Gas Corporation Ltd. (Rs. 144.30,+0.77%). Whereas, Tata Consultancy Services Ltd. (Rs. 1854.50,-2.21%), Infosys Ltd. (Rs. 655.50,-1.81%), HCL Technologies Ltd. (Rs. 931.00,-1.79%), ICICI Bank Ltd. (Rs. 358.80,-1.23%), YES Bank Ltd. (Rs. 182.05,-1.01%), were among the top losers of the BSE Sensex.

Sector wise BSE PSU index was at 7090.89 up by 22.59 points or by 0.32%. SBI Life Insurance Company Ltd. (Rs. 609.00,+1.73%), UCO Bank (Rs. 21.50,+1.65%), Oil India Ltd. (Rs. 174.10,+1.34%), Indian Oil Corporation Ltd. (Rs. 133.85,+1.02%), Bharat Electronics Ltd. (Rs. 89.30,+0.96%). On the other hand, BSETECk index was at 6941.6 down by -106.43 points or by -1.51%. MindTree Ltd. (Rs. 799.00,-4.24%), MphasiS Ltd. (Rs. 920.90,-2.87%), Tata Consultancy Services Ltd. (Rs. 1854.50,-2.21%), NIIT Technologies Ltd. (Rs. 1110.00,-2.13%), Infosys Ltd. (Rs. 655.50,-1.81%).

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2003 , shares advanced were 806 while 1088 shares declined and 109 were unchanged.