Sensex retreats for 3rd day on muted global cues

The weakness remained for the third session as the 30-share index fell 88.32 points or 0.30 per cent to 29,373.13. Much of the softness came from metal IT FMCG technology and auto. The gauge had lost 326.90 points in the previous two sessions. Press

Among other Asian markets, Japan's Nikkei was up 0.31 per cent while Hong Kong's Hang Seng index rose 0.33 per cent in morning trade.

Indian shares ended little changed after a choppy trading session on Wednesday, as expectations of stronger quarterly earnings helped offset a sell-off in some banking stocks.

In the day's trade, the barometer 30-scrip sensitive index had touched a high of 29,388.25 points and a low of 29,241.48 points.

Infosys Ltd, which lost about 5 percent on a lower-than-expected revenue guidance, gained 0.88 per cent, while Tech Mahindra Ltd rose 1.5 per cent, rebounding from five days of declines. "It was the fourth consecutive session of losses", Deepak Jasani, Head - Retail Research, HDFC Securities, told IANS. Besides, political tensions between United States and North Korea also made investors wary.

Anand James, Chief Market Strategist, Geojit Financial Services, said: "The US and Australia's visa norms turned up the heat on IT companies, while higher possibilities of El Nino put sentiments under check".

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Taking a cue from global markets, the key Indian equity market indices on Thursday opened higher.

On the currency front, the Indian rupee weakened by 11-12 paise to 64.63 against a USA dollar from its previous close of 64.51-52 to a greenback.

Meanwhile, foreign portfolio investors (FPIs) net sold shares worth Rs 673.38 crore during Wednesday's trading session, as per provisional data. The U.S. markets will reopen later today after Friday's holiday, while most European markets remained closed for Easter Monday. Meanwhile private banks including Yes Bank, who's stressed loans almost doubled in the March quarter compared to the December quarter, fell almost 4 per cent capping overall index gains. BSE Midcap and BSE Smallcap indices jumped 0.7 per cent and 1.1 per cent respectively.

Major Sensex gainers on Thursday were: Gail, up 2.02 per cent at Rs 402.10; Adani Ports, up 1.83 per cent at Rs 331.65; HDFC, up 1.82 per cent at Rs 1,516.95; Maruti Suzuki, up 1.17 per cent at Rs 6,272.80; and TCS, up 1.16 per cent at Rs 2,328.35.

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