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Sensex Opens Lower; Oil, Bond Yields Pose Concern


Benchmark indices opened the day lower, as rising crude prices and surging bond yields continued to worry the Indian markets.

Global markets were also weak, after comments by US President Comments Donald Trump that China "has become very spoiled on trade". The Dow Jones ended the session lower on Thursday, as investors grappled with rising oil prices and a surge in bond yields.

Sensex Opens Lower; Oil, Bond Yields Pose Concern
Unrest in the Middle East hinted at reduced output of oil supply from the region, which sent crude prices to their highest level in three-and-a-half years.

The Sensex was seen trading lower by 63 points at 35,085 points, while the Nifty lost 22 points at 10,660 points.

Coffee Day Enterprises saw brisk buying, after the company's quarterly numbers beat estimates. Net Profits surged 95 per cent at Rs 25.2 crore versus Rs 12.9 crore, year on year.

The story of widening losses at PSU banks continued with Central Bank of India reporting a poor set of numbers.

The bank saw its loss widen to Rs 2,113.5 crores, as against a loss at Rs 591.77 crore, in the previous quarter of last year. The gross NPA ballooned to 21.48 percent versus 18.08 percent. The shares were down 3 per cent in trade at Rs 63.50.

Balkrishna Industries shares saw losses despite a good set of results. Net Profit was up at Rs 193.62 crore versus Rs 137.9 crore. The shares were down one per cent.

Meanwhile, Asian markets were mostly trading higher. The Japanese Nikkei was trading with gains of 0.36 per cent, along with the Hong Kong's Hang Sang which gained 0.14 per cent. Indias markets are expected to be volatile, due to rising crude prices and also surging bond yields.

Investors may exercise some caution, as the markets have run-up a good 7 per cent from their March lows. Political uncertainty ahead of a court ruling in the state of Karnataka is also expected to increase uncertainty.

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