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Markets volatile; Nifty hovers around 11,250-mark

Notably, markets turned volatile after opening in the red on Monday.
Equity benchmark indices opened in the red on Monday tracking a sharp fall in Asian peers amid growing concerns regarding the trade war between the US and China.

Notably, markets turned volatile with the Sensex gaining 6 points at 37,468 levels, while the Nifty dropped 5 points at 11,264 levels, struggling to hold its key level of 11,250.

Volatility could be attributed to the cautious approach of investors for trading. Investors in global markets are keeping close eyes on US President Donald Trump’s comments and his forthcoming dialogue with the Chinese Premier which could break the ice on talks.

Among stocks on the NSE, Infratel, SBI, ONGC, HUL, and TCS were the biggest gainers. On the flip side, Eicher Motors, Dr. Reddy’s, UltraTech Cement, Zee Entertainment, and Cipla were the top losers.

L&T, HDFC Bank, Kotak Bank, HDFC, and Tata Steel contributed to the loss in S&P BSE SENSEX 50 index.

Share of Eicher Motors declined 3% on the NSE after the company’s PAT for the fourth quarter of FY19 dropped 16% yoy on Rs544.8cr.

Consolidated revenue for the quarter stood at Rs2,500.1cr, down 1.1% yoy (up 6.8% qoq). Due to subdued sales coupled with higher raw material cost and other expenses, EBITDA declined 14.1% yoy to Rs684.7cr. Thus, EBITDA margin contracted by 415bps yoy to 27.4%.
Further, all sectoral indices on the NSE were trading in the red, except Nifty FMCG and IT indices, which gained 0.1% and 0.2%, respectively.

Incidentally, volatility measurement index, India VIX, gained 5.61% at 27.81.

Market breadth was negative on the NSE with 539 shares advancing, 994 shares declining, and 547 shares remaining unchanged.

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On the currency front, the Indian rupee depreciated on Monday. The currency declined 24 paise against the dollar to trade at 70.16/$ compared to its previous close of 69.92/$.

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