Sensex Tanks 293 Points On Weak Asian Cues; Infy Falls 4%

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Mumbai: Benchmark indices traded nearly unchanged on Monday morning after recovering from a steep decline at open, tracking mixed Asian equity markets as investors assessed that the likelihood the fallout of an American-led strike on Syria could be contained.

Besides, reflecting further improvement in the economic situation, industrial production grew by a healthy 7.1 per cent in February while the key retail inflation slipped to a five-month low of 4.28 per cent in March, official data showed on Thursday.

BSE Sensex zoomed over 112.78 points at 34,305.43 and the NSE Nifty climbed 47.75 points to 10,528.35.

However, at 10.35 am, the BSE Sensex was trading 34,142.63, 50.02 points or 0.15% lower, whereas the broader NSE Nifty was down 0.145 or 14.25 points to trade at 10,466.35.

European markets ended in the green on Friday with the FTSE closing 0.09% higher, CAC ended up 0.11% while the DAX managed to end 0.22% higher. Foreign portfolio investors (FPIs) sold shares worth a net Rs 399.59 crore.

The major gainers on the BSE were Hero MotoCorp, Kotak Mahindra Bank, Adani Ports, Mahindra and Mahindra and Bajaj Auto, while Tata Motors, Tata Motors (DVR), Infosys, State Bank of India and ONGC were among the main losers.

Shares of Infosys fell 3.10 per cent after company reported less-than-expected FY19 revenue guidance.

Tata Motors Ltd shares declined over 2% after a news report said that Jaguar Land Rover is planning to cut almost 1,000 jobs as it scales back production at some of its United Kingdom sites. Its stock was one of the biggest contributors to the losses in the Sensex pack.