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Nifty holds 10,700 mark; Pharma, Auto stocks drag

Selling pressure was seen in financial, pharma, auto and metal stocks.
Equity benchmark indices opened on a flat note owing to weak global cues following fears of slowing US economy. Selling pressure was seen in financial, pharma, auto and metal stocks. The Sensex has declined for six consecutive days, logging its worst run since September 05, 2018, and the Nifty50 registered five straight days of downward movement.

Jet Airways stock gained 6% on the BSE. As per a media report, the airline company may get the loan from banks led by State Bank of India against shares pledged by founder and Chairman Naresh Goyal and partner Etihad Airways PJSC and backed by their guarantees. The airline company on Thursday posted a net loss of Rs587.8cr for the third quarter ended December 2018 on higher crude oil prices

Shares of ONGC jumped 5% after the company reported a 65% yoy increase in net profit to Rs8,262.70cr.

The Sensex is down 107 points at 35,768, while the Nifty slipped 36 points at 10,710. The market breadth was negative with 611 shares advancing, 917 shares declining, and 510 remaining unchanged.

ONGC, NTPC, Power Grid, IOC, and BPCL are trading higher on the NSE, while Sun Pharma, HPCL, JSW Steel, and HDFC BANK are trading lower.

Volatility index India VIX was up 6.11% at 16.73.

The most active stocks were SBI, Yes Bank, ONGC, and L&T.

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