Sensex falls almost 300 points; Infosys tanks 4%

Olive Hawkins
April 16, 2018

The Nifty April 2018 futures traded at 10545.70, a premium of 17.35 points compared with the Nifty's spot closing of 10528.35 in the cash market.

Geopolitical tensions over Syria and trade war concerns weighed on the domestic unit. Inflation based on wholesale prices eased marginally to 2.47 per cent in March on cheaper food articles, especially pulses and vegetables.

The wider Nifty50 closed higher by 41.50 points or 0.40 per cent to 10,458.65 points, while the Sensex closed at 34,192.65 points, up 91.52 points or 0.27 per cent.

On the NSE, the top gainers were Cipla, Grasim Industries and Hero MotoCorp, while the top losers were Tata Motors, Infosys and Wipro.

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The 30-share index fell by 293.31 points, or 0.85 per cent, to 33,899.34 in opening trade. The broader Nifty too, opened below a milestone mark - that of 10,400 as it opened 80 points in the red, but had pared nearly the entire loss in morning trade.

Tata Motors which closed 4.96% lower at 339 level was the top Sensex loser on reports that Britain's biggest carmaker Jaguar Land Rover will cut around 1,000 jobs and production at two of its English factories due to fall in sales caused by uncertainty around Brexit and confusion over diesel policy. Intra-day, it hovered between 10,396.35 and 10,540.15.

Furthermore, Infosys ended with a loss of 3 percent after lowering EBIT margin guidance for FY19, reported Moneycontrol.

In the broader market, the BSE Midcap was little changed, while the BSE Smallcap gained 0.4 per cent. Market breadth, indicating the overall health of the market, turned negative.

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