Sensex, Nifty plunges by over 0.50% ahead of CPI, IIP numbers

Indian equity indices were on hot bed on Wednesday amid weak global cues and ahead of CPI, IIP numbers. 

At 11.21 am, Sensex was trading at 29,627.35 down by 161 points or 0.54%, while Nifty 50 was trading at 9,188.80 below 48 points or 0.52%.

HDFC Securities said, “Indian markets are likely to open flat tracking muted handover from Wall Street. Telecom stocks will be in focus after Reliance Jio announced its Dhan Dhana Dhan offer. PSU Banking, FMCG and Realty is expected to trade in positive zone whereas Metal and Media sector is expected to trade in negative zone. Crucial support for Nifty is at 9175 level, while strong immediate resistance is at 9275.”

Motilal Oswal said, “Given minimal expectations from results, any posi- tive guidance, buyback can act as potential trig- gers for stock performance. Global markets are range bound. Banking financials, metals, select auto, and consumption could continue to see investment interest.”

Investors will eye the release of India's macroeconomic data – IIP for February 2017 and CPI Inflation for March 2017 – which is due today. 

Top gainers on BSE were –Axis Bank (Rs 518.20 a piece) Gail India (Rs 387.50 a piece), Asian Paints (Rs 1,079.95 a piece), ONGC (Rs 188.65 a piece), Tata Steel (Rs 490.95 a piece), Hero Motocorp (Rs 3,218.60 a piece), Sun Pharma (Rs 672.50 a piece) and Infosys (Rs 970 a piece) tradign positive in the range of 0.20% - 0.90%.

Losers involved Tata Motors (Rs 469.35 a piece), followed by HDFC (Rs 1,468.50 a piece), Larsen & Toubro (Rs 1,696.95 a piece), Wipro (Rs 507.80 a piece) and Cipla (Rs 576.40 a piece) trading negative in the range of 0.30% - 0.70%.

Meanwhile, INR appreciated against USD. The rupee was trading at 64.605 down 0.060 paisa or 0.09%.

Global Indices: 

Asian markets were trading negative on Wednesday after when United States on Tuesday increased anti-dumping duties on oil and gas drilling pipes from South Korea.

Japan's Nikkei 225 tumbled over 231 points or 1.24% trading at 18,516.04, while Hong Kong's Hang Seng was trading below 39 points or 0.16% at 24,049.36. 

China's Shanghai Composite Index was trading at 3,279.20 down 9 points or 0.30%. 

Also, US stocks closed in red on Tuesday over geopolitical risk and ahead of US earnings.