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Nifty holds 11,900 mark; PSU Banks, Metal stocks drag

The market breadth was neutral on the NSE with 744 shares advancing, 781 shares declining, and 545 remaining unchanged.
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Equity benchmark indices opened in the negative zone ahead of May F&O expiry as investors await Q4 GDP data due to be released on Friday. GAIL, TCS, HCL Tech and Wipro are among top gainers, while Hindalco, UPL, Vedanta, and SBI are among top losers in today’s trade on the NSE.

The Sensex was trading 38 points lower at 39,711, while the Nifty50 index was trading at 11,925, down mere 4 points.

The market breadth was neutral on the NSE with 744 shares advancing, 781 shares declining, and 545 remaining unchanged.

The Indian Rupee opened lower at 69.75/$ vs. Tuesday's close of 69.69 against the US dollar.

Shares of Sun Pharma slipped 1% after the company’s PAT declined by 52.6% yoy to Rs636cr against median consensus estimates of Rs982cr.

SpiceJet stock dropped over 4% on the BSE despite the airline on Tuesday reported a 22% jump in net profit at Rs56.3cr in the quarter ended March 31, 2019, despite the grounding of its Boeing 737 MAX aircraft.

The Volatility gauge, India VIX is down 0.09% at 15.90.

The most active stocks on the NSE are Reliance Industries, Infosys, and HDFC.

Meanwhile, Asian stock markets dropped after an afternoon sell-off on Wall Street as investors gauge the warning signals flashing in the bond market, where sovereign yields have slumped to multi-year lows.

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