Markets begin new fiscal on sour note

Markets begin new fiscal on sour note
Highlights

Markets kicked off new fiscal year on Friday on a disappointing note with both the indices closing lower amid weak cues from global markets.

Sensex down by 72 points while Nifty sheds 25 points

Mumbai: Markets kicked off new fiscal year on Friday on a disappointing note with both the indices closing lower amid weak cues from global markets. Benchmark BSE Sensex closed 72 points lower at 25,269.64 as depressed stocks in Asia and Europe forced investors to book profit while selling in heavyweights energy and IT stocks also added to the fall. NSE Nifty was down by 25.35 points.

On Thursday, in its worst show in four fiscals, Sensex had ended 2015-16 with a yearly plunge of 9.36 per cent, leaving investors poorer by nearly Rs 7 lakh crore as global headwinds and foreign fund outflows pounded domestic equities. Moreover, in the first outflow of overseas funds from Indian capital markets in seven years, foreign investors took out an estimated Rs 18,000 crore during fiscal 2015-16.

On Friday, massive plunge in Tokyo, resumption in fall of oil prices, investors waiting for US jobs data for more cues and caution ahead of domestic earnings season took a toll on the equities. The 30-share Sensex after a lower opening at 25,301.70 slipped further to 25,119.35 before closing at 25,269.64, 72.22 points or 0.28 per cent down. The gauge had gained 441.40 points in last two sessions.

The 50-share NSE Nifty after cracking below 7,700-mark, touched a low of 7,666.10 on profit-booking but settled 25.35 points or 0.33 per cent down at 7,713.05. Shares of Maruti Suzuki, country's largest carmaker, ended 0.11 per cent higher at Rs 3,723.25 after the company posted 15.9 per cent growth in total sales in March.

Among small and mid-cap stocks, Jaipraksh Associates zoomed 11.65 per cent as debt-ridden Jaypee Group announced part sale of cement business to Kumarmangalam Birla-led UltraTech for Rs 15,900 crore. Shares of infrastructure firm IVRCL remained under selling pressure for a second straight session and slumped 9.70 per cent after a portion of a flyover being built by the company in Kolkata collapsed.

Overseas, Asia edged lower as investors began the new fiscal on a cautious note. Key indices in Hong Kong, Japan, Singapore, South Korea
and Taiwan declined 0.79 per cent to 3.55 per cent while China rose to 0.19 per cent. Europe opened lower with the UK's FTSE down 1.09 per cent, Germany's DAX 1.58 per cent lower and France's CAC 1.59 per cent in the red.

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