Home World Business Markets open lower, Nifty slips below 9,150 ahead of WPI data

Markets open lower, Nifty slips below 9,150 ahead of WPI data

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Sun Pharma (down 2%) was the top loser, while Dr Reddy’s was the top gainer (up 2%) on Sensex

SI Reporter  |  New Delhi  April 17, 2017 Last Updated at 09:44 IST

The benchmark indices on Monday opened lower as geopolitical worries simmered after US President dropped the ‘mother of all bombs’ on IS target in Afghanistan, while back home investors await the Wholesale Price Index (WPI)-based inflation data. 


At 09:43 am, the S&P BSE was ruling at 29,397, down 64 points, while the broader Nifty50 was trading at 9,125, down 25 points. 


In the broader market, the S&P BSE Midcap and S&P BSE Smallcap pared early gains to lose 0.2% each.


“Going ahead, we need to keep a watch whether sustains above 9,200 levels or not. Once manages to sustain above 9,200 mark on closing basis, then we may witness up move rally towards 9,300-9,340 levels in coming trading session. Overall view is positive, hold the long positive with the trailing stoploss of 9,140,” said brokerage Nirmal Bang in a technical report. 

Buzzing stocks

Sun Pharma fell over 2% on reports that the US FDA has issued 11 observations as part of audit to its Dadra unit, the biggest unit after Halol for the company for US supplies. The stock was the top loser.


Meanwhile, drug firm Dr Reddy’s Laboratories gained over 2% to Rs 2,709 and was the best performer after the company said the US health regulator has completed inspection of its Srikakulam facility without making any observations. 


Indiabulls Real Estate hit a 52-week high of Rs 111, up 5% after the real estate developer said it will restructure the real estate business by demerging commercial and residential into separate companies.


Sun Pharma (down 2%) was the top loser, while Dr Reddy’s was the top gainer (up 2%) on  


China’s Q1 GDP grows faster than expected


China’s economy grew 6.9% in the first quarter from a year earlier, slightly faster than expected, supported by a government infrastructure spending spree and a frenzied housing market that is showing signs of overheating.


The strong reading should help underpin wobbly global financial but adds to worries that China’s government is still relying too heavily on stimulus and “old economy” growth drivers and is not doing enough to tackle risks from an explosive build-up in debt.



are expected to remain focused on US data and its possible impact on the pace of interest rate hikes, and concerns over North Korea and the French presidential election.


dropped more than expected in March while annual core inflation slowed to 2% the smallest advance since November 2015, from 2.2% in February, data showed on Friday.


Global markets


MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.2% in holiday-thinned trade, while Japan’s Nikkei shed 0.4%. Chinese were mostly lower after Q1 GDP data. The Shanghai Composite declined by 0.725 while the Shenzhen Composite fell 0.8%. 


Equity such as Hong Kong, Italy, France and the UK will remain closed on Monday on account of Easter holidays. 

Markets open lower, Nifty slips below 9,150 ahead of WPI data

Sun Pharma (down 2%) was the top loser, while Dr Reddy’s was the top gainer (up 2%) on Sensex

Sun Pharma (down 2%) was the top loser, while Dr Reddy’s was the top gainer (up 2%) on Sensex

The benchmark indices on Monday opened lower as geopolitical worries simmered after US President dropped the ‘mother of all bombs’ on IS target in Afghanistan, while back home investors await the Wholesale Price Index (WPI)-based inflation data. 


At 09:43 am, the S&P BSE was ruling at 29,397, down 64 points, while the broader Nifty50 was trading at 9,125, down 25 points. 


In the broader market, the S&P BSE Midcap and S&P BSE Smallcap pared early gains to lose 0.2% each.


“Going ahead, we need to keep a watch whether sustains above 9,200 levels or not. Once manages to sustain above 9,200 mark on closing basis, then we may witness up move rally towards 9,300-9,340 levels in coming trading session. Overall view is positive, hold the long positive with the trailing stoploss of 9,140,” said brokerage Nirmal Bang in a technical report. 

Buzzing stocks

Sun Pharma fell over 2% on reports that the US FDA has issued 11 observations as part of audit to its Dadra unit, the biggest unit after Halol for the company for US supplies. The stock was the top loser.


Meanwhile, drug firm Dr Reddy’s Laboratories gained over 2% to Rs 2,709 and was the best performer after the company said the US health regulator has completed inspection of its Srikakulam facility without making any observations. 


Indiabulls Real Estate hit a 52-week high of Rs 111, up 5% after the real estate developer said it will restructure the real estate business by demerging commercial and residential into separate companies.


Sun Pharma (down 2%) was the top loser, while Dr Reddy’s was the top gainer (up 2%) on  


China’s Q1 GDP grows faster than expected


China’s economy grew 6.9% in the first quarter from a year earlier, slightly faster than expected, supported by a government infrastructure spending spree and a frenzied housing market that is showing signs of overheating.


The strong reading should help underpin wobbly global financial but adds to worries that China’s government is still relying too heavily on stimulus and “old economy” growth drivers and is not doing enough to tackle risks from an explosive build-up in debt.



are expected to remain focused on US data and its possible impact on the pace of interest rate hikes, and concerns over North Korea and the French presidential election.


dropped more than expected in March while annual core inflation slowed to 2% the smallest advance since November 2015, from 2.2% in February, data showed on Friday.


Global markets


MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.2% in holiday-thinned trade, while Japan’s Nikkei shed 0.4%. Chinese were mostly lower after Q1 GDP data. The Shanghai Composite declined by 0.725 while the Shenzhen Composite fell 0.8%. 


Equity such as Hong Kong, Italy, France and the UK will remain closed on Monday on account of Easter holidays. 

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SI Reporter

Business Standard

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