Equity markets slip on weak global cues, auto stocks plunge

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JSW Steel's net profit zoomed to Rs 1,003 crore from Rs 367 crore in the corresponding period last year while income from operations rose 60 percent to Rs 16,952 crore as against Rs 10,615 crore in the year-ago period, the company said in a statement. The counter is seeing strong buying today on reports the GST council has finalised lower tax rates for FMCG products such as soaps, hair oil, edible oil and toothpaste.

The 50-share NSE Nifty, too, maintained its bull run and touched a new peak of 9517.20. The major gainers of the day were ITC (5.02%), Hindustan Unilever (2.38%), State Bank of India (1.83%), Bharti Airtel (1.66%), Power Grid (1.51%), Axis Bank (1.47%), Coal India (1.46%) and NTPC (1.17%). Back home, SBI shares gained 1.72 per cent after the net profit of the country's largest lender more than doubled to Rs 2,814.82 crore for the March quarter. The BSE IT index was down 0.82 per cent; TS, Infosys, Wipro, Tech Mahindra, HCL Technologies, Hexaware and Tanla Solutions were among the losers. The market breadth continued to remain negative as 1,789 stocks closed lower, 957 finished higher while 165 ruled steady.

Reflecting the upbeat mood, barring metal, all the sectoral indices led by technology, FMCG, IT, auto and consumer durables ended in the positive zone.

In the Asian region, Japan's Nikkei was up 0.2%, Hong Kong's Hang Seng rose 0.3%, Shanghai Composite 0.12% in early deals.

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But some analysts warned markets were at a risk of correction should global markets tumble amid ongoing political turbulence around U.S. President Donald Trump.

Foreign portfolio investors (FPIs) were net sellers of Indian equities worth Rs 731 crore while domestic institutional investors ended up as net buyers of stocks worth Rs 615 crore according to provisional data published by the National Stock Exchange.

Visaka Industries, Teamlease Services, Siyaram Silk Mills, Sharda Cropchem, State Bank of India, Muthoot Capital Services, Jayaswal Neco Industries, were some of the other stocks that touched their 52-week high on NSE on Friday.

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