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Markets Open Lower On Weak Global Cues; SBI Surges Post Numbers

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Benchmark indices opened the day lower, as Asian stocks dropped after U.S. President Donald Trump's said he was "not satisfied" with the latest round of trade talks with China.

The Hong Kong's Hang Sang was seeing cuts of 1.2 per cent, while the Japanese Nikkei was down 1 per cent, following comments from Trump.

Markets Open Lower On Weak Global Cues; SBI Surges Post Numbers
The Sensex was trading with losses of 29 points, while the Nifty lost 12 points in trade.
 

State Bank of India shares were seeing good recovery despite the bank reporting a net loss of Rs 7,718 crores. Credit Suisse has maintained an 'Underperform' on the SBI stock and has cut the price target to Rs 322 from Rs 381. The shares of State Bank was last seen trading at Rs 261, up 4 per cent in trade.

Shares in Oil marketing companies fell, despite petrol and diesel prices being raised for the 10th straight day. There are worries that the government may now ask these companies to bear any further increase in petrol and diesel prices.

Many brokerages have asked investors to stay away from these stocks, due to an election heavy year, which may force some populism and tends to impact oil marketing companies like BPCL, HPCL and Indian Oil.

Pharma major Cipla also saw good buying support, after the company reported a good set of quarterly numbers. The shares of the company were last trading at Rs 558, a jump of 6 per cent on the NSE. Many brokerages have a "buycall" on the stock after a good set of results.

Meanwhile, the rupee opened lower in trade at 68.28 to the dollar. Asian cues were weak, which is what pushed the currency lower. It is possible, that we might see further downside risks to the currency.

Indian markets are likely to be volatile, largely pressured by rising crude and a volatile currency.

Read more about: sensex nifty
Story first published: Wednesday, May 23, 2018, 9:21 [IST]
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