Sensex loses 670 points on weak global cues, corporate earnings in morning trade

Mumbai (Maharashtra) [India], April 17 (ANI): During morning trade, key indices from domestic markets lost ground and slumped, tracking weak global cues. The IT companies’ earnings, such as Infosys and TCS, didn’t live up to the markets’ expectations when the results were announced last week. In the last fortnight, the key indices had been closing with gains for nine sessions in a row till now.

BSE Sensex lost 673 points to 59,757.82 while NSE Nifty 50 declined 177 points to 17,650.50 at 11.58 am on Monday.
In the US markets, Dow Jones lost 143 points, S&P 500 was trading in the negative territory and Nasdaq was trading in the positive territory when the markets closed on Friday. Wall Street ended lower on Friday as a barrage of mixed economic data appeared to affirm another Federal Reserve interest rate hike, dampening investor enthusiasm after a series of big US bank earnings launched first-quarter reporting season.

Asian stocks are trading mixed on Monday with S&P ASX, Hang Seng, Nikkei 100, Thailand Set, Shanghai trading in the positive territory while FTSE Bursa, HNX 30, JSX, Philippine Stock Exchange trading in the negative territory on early Monday trading.

In European markets, BEL, CAC, Deutsche Borse, FTSE 100 and Madrid SE were trading in the positive territory when the Asian markets opened on Monday.

The experts expect the domestic key indices to improve during the session on Monday. On the BSE, shares of RIL (Reliance Industries) added 0.57 per cent. Viacom18, a subsidiary of the company, closed the merger of Reliance Storage with itself and integrated JioCinema as well. Viacom18 allotted shares to RIL group entities and Bodhi Tree Systems as consideration for the scheme of merger.

Tech Mahindra lost 5.31 per cent while Wipro dipped 2.61 per cent during the morning trade on Monday.