Indian shares drop on global cues, poised for weekly fall

Indian shares drop on global cues, poised for weekly fall

The Nifty50 index was 0.44 per cent down at the same time.

Unabated capital outflows by foreign funds and lower-than-expected quarterly numbers by InterGlobe Aviation and some other companies too added to the caution, brokers said. The index had gained almost 12 percent in the previous month on the back of a weaker rupee and strong earnings from IT majors. It shuttled between 10,700.45 and 10,601.60 during the session.

Mumbai: The key Indian equity indices provisionally closed in the red on Thursday tracking broadly negative global cues.

The top losers were Wipro, down 1.94 per cent at Rs 270.15; Kotak Mahindra Bank, down 1.90 per cent at Rs 1,233.40; Asian Paints, down 1.74 per cent at Rs 1,200.50; Larsen and Toubro, down 1.52 per cent at Rs 1,380.25; and Hindustan Unilever, down 1.39 per cent at Rs 1,451.00 per share.

Heavy selling pressure in metal, consumer durables and auto stocks weighed on the indices.

China Calls for Continous Support to Iran Nuclear Deal
It comes as Trump has signaled he will withdraw from the agreement by May 12 if it is not renegotiated and changed. Albright asserted that the documents convincingly refute Iran's claim that it never had a nuclear weapons program.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 1,628.23 crore, while the domestic institutional investors purchased stocks worth Rs 1,084.09 crore.

On the other hand, Sun Pharma, Tata Steel, NTPC, Axis Bank, ICICI Bank, IndusInd Bank, Dr Reddy's, ONGC, Power Grid, SBI and HDFC Ltd ended in the green and absorbed the overall fall to some extent. The US Federal Reserve began a two-day meeting on Tuesday.

The Indian equity markets were closed on Tuesday to observe Maharashtra Day.

Overseas, Asian markets ended lower, with Japan's Nikkei falling 0.16 per cent, while China's Shanghai Composite shed 0.51 per cent. Hong Kong's Hang Seng fell 0.49 per cent. Australia's S&P ASX 200 advanced 0.6 percent to 6,050.20.

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