Nifty Ends Lower For Third Straight Day; Infy, ITC Drag

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The Nifty ended the day lower for the third straight day, with heavyweights Reliance, Infosys and ITC pulling the indices lower.

The Sensex ended the day lower by 187 points, while the Nifty dropped by 61 points. Asian markets were subdued on weak closings across the US, while Europe was trading with modest gains.

Nifty Ends Lower For Third Straight Day; Infy, ITC Drag
Among the most active stocks in trade from the non-index stocks was PC Jeweller. The stock jumped a huge 44 per cent in trade, after investors noted a clarification from the company that there no CBI raids at the office. The sustained selling by Fidelity, which reduced its stake in the company also abated.

Vakrangee, another stock that has been at the receiving end had no such luck and the stock was locked at the lower end of the circuit filter once again. The stock has destroyed significant investor wealth.

The metal index saw significant selling pressure, after a drop in the prices of Hindustan Zinc and Hindalco. The government owned HUDCO, saw its share price plunge and drop to a new 52-week low. This was the lowest level seen for the stock since listing.

Among the Nifty stocks that saw a decline were Sun Pharma, Bajaj Auto and Infosys. Today's trade ended with a larger number of stocks declining then gaining.

In economic news, the PMI services sector data was released. Data showed the services expanding at a faster pace in the month of April 2018. The April data suggest that business activity is rising at a faster pace supported by new order growth. It also noted that job creation accelerated at the sharpest pace since March 2011. 

Meanwhile, across Europe markets were trading marginally higher, awaiting the US jobs data. The German DAX, French CAC and the UK's FTSE were all trading higher. Asian markets however ended the day with losses led by the Shanghai Composite and the Hang Sang.

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