Sensex tanks 293 points on weak Asian cues; Nifty below 10400-mark

What will move Sensex Nifty this week? Find out here

Tension in Middle East pull back Indian indices

The broader NSE Nifty too struggled before ending well above the 10,500-mark.

According to official data released on Monday, India's WPI inflation softened to 2.47 per cent in March from a rise of 2.48 per cent reported for February and an acceleration of 5.11 per cent in the corresponding month of a year ago. Nasdaq and S&P 500 was also down by 0.47 percent and 0.29 percent respectively.

The downtrend was led by index heavyweight Infosys, which slipped 3% after its FY19 growth outlook disappointed the street.

Shares of UCO Bank plunged 8% on the BSE after the media report suggested that the Central Bureau of Investigation (CBI) has booked former chairman-cum-managing director of the bank's Arun Kaul and others in connection with an alleged Rs621cr loan fraud.

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It is positive, as 16 investors sold CZR shares while 29 reduced holdings. 137 funds opened positions while 361 raised stakes. Capital Guardian Trust Co.'s holdings in Kinder Morgan were worth $19,018,000 as of its most recent filing with the SEC.

BSE sectoral indices, led by IT, Teck, oil and gas, PSU, power, infrastructure and banking stocks, declined up to 1.45 per cent.

Healthcare, FMCG and capital goods stocks saw buying interest.

Volatility index India VIX was up 4.45% at 14.7700.

The Sensex touched a high of 34,124.25 points and a low of 33,899.34 points during the intra-day trade so far.

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On the NSE, the top gainers were Cipla, Grasim Industries and Lupin, while the top losers were Tata Motors, Infosys and Vedanta.

Other major laggards were Wipro, Tata Motors, ONGC, Axis Bank, NTPC, RIL, Dr. Reddy's, SBI, ICICI Bank, Bharti Airtel, Asian Paints, Maruti Suzuki and Tata Steel, falling by up to 1.54 percent.

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.

The rupee fell 20 paise to 65.40 against the United States dollar in early trade on global trade war concerns, dip in India's exports in March and a sharp drop in domestic equities. The historical evidence suggests geopolitical risk as an excellent opportunity "to buy the fear" as near term weakness see long term gains.

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