Markets open in red

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Asian stocks edged up on Friday as investors kept a cautious watch on developments in US-China trade negotiations, while the dollar was perched near a five-month peak against a basket of currencies thanks to the benchmark US Treasury yield topping a seven-year high, it said.

Besides domestic cues, Abhijeet Dey, Senior Fund Manager, Equities at BNP Paribas Mutual Fund said that stock markets in India were impacted by weak U.S. and Asian shares. The uncertainty around who will form the next government in the southern state has made investors jittery, while macro worries also persist.

Intraday, the rupee touched a low of 68.13 a dollar and a high of 67.45.

The 50-share NSE Nifty too stayed in the red through the session and finally settled 60.75 points, or 0.56 percent down at 10,741.10. Amongst the global indices, the Asian and European markets traded on a mixed note.

The 30-share Sensex fell by 125.10 points (-0.35 percent) to 35024.02 in early trade.

Sensex swings to counting trends

Other laggards were Sun Pharma, Tata Motors, Tata Steel, Wipro, Maruti Suzuki, ONGC, Coal India, M&M, Adani Ports, Axis Bank, Bharti Airtel, Reliance Industries, NTPC, HDFC Ltd, HDFC Bank, Power Grid, Dr Reddy's and Infosys, falling up to 3.21 per cent.

Foreign portfolio investors (FPIs), who have been net sellers in the past few sessions, sold shares worth a net Rs 518.47 crore, while domestic institutional investors (DIIs) bought shares worth Rs 531.33 crore yesterday, according to provisional data.

Sectoral indices led by capital goods, IT, teck, oil and gas, banking and PSU were trading in the negative zone.

Japan's Nikkei was up 0.2 per cent.

Scrip-wise, fraud hit Punjab National Bank's (PNB) stocks slumped around 14 per cent (intra-day) on Wednesday, a day after the bank reported a loss of over Rs 13,000 crore for the fourth quarter of 2017-18.

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