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Indian market falls for third straight session; IT stocks among top losers

Indian market falls for third straight session; IT stocks among top losers

Indian market falls for third straight session; IT stocks among top losers
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By Sudarshan Kumar  Jun 5, 2018 4:17:25 PM IST (Updated)

The Indian market fell for the third day in a row while global markets trade largely higher.

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The Nifty failed to hold on to 10,600 levels, as a recovery was seen as a selling opportunity. The Index, which comprises fifty stocks, closed with a fall of 35 points at 10,593 and the Sensex slipped 109 points to 34,903.
In broader markets, banking stocks outperformed, with the leading Nifty Bank Index closing down 7 points at 26,251.
The biggest underperformance was seen in the Midcaps, with the Index slipping 234 points to 18,195, leading to a fall in the market-breadth ratio in favour of declines. Six stocks declined for every stock that gained.
“Foreign investors have been pulling money out of India as they have been disappointed with its performance,” Ridham Desai of Morgan Stanley said, while Jonathan Garner of Morgan Stanley said, “investors are still overweight on India, but significantly less than earlier.”
Morgan Stanley is positive on Reliance Industries as the brokerage moved up forecast for crude oil to $90 per barrel for 2019, and sees this raise as a big positive for the oil heavyweight.
Infosys, L&T, ICICI Bank, Axis Bank and M&M topped the list of losers, while the HDFC twins, Reliance and Bajaj Fin supported the Index.
IT was the biggest underperformer with the contribution of 16 points to the downfall. In the Futures market, major traction was seen in the 11,000 Call option that saw an addition of a little over six lakh shares in the open interest.
Amongst Put options, 10,100 Call saw an addition of two lakh shares in the open interest. Premiums of most active options slipped in trade.
On global front, Asian stocks mostly recovered following some earlier losses on Tuesday, with major indexes in the region higher at the close amid improved investor sentiment. Japan's Nikkei 225 closed higher by 0.3% as technology names and retailers edged up.
Those gains were, however, offset by losses in financials and oil companies. Elsewhere, South Korea's benchmark Kospi erased earlier losses to go up 0.2%, with gains seen in the tech and manufacturing sectors. On the mainland China, the Shanghai composite rose 0.7%.
World tech stocks hit a record high on Tuesday, spurred on by a new all-time peak for Apple, a 17-year top for European tech firms and news that Twitter and Netflix were set to join Wall Street’s flagship S&P 500 index.
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