Nifty breaks 7,800 as global stocks tumble; ICICI Bank dips 3%

The market has opened lower on the back of weak global cues. The Sensex is down 176.29 points at 25430.33, and the Nifty is down 51.10 points at 7798.70. About 390 shares have advanced, 511 shares declined, and 56 shares are unchanged. 

ICICI Bank, M&M, Dr Reddy's Laboratories, BHEL and Wipro are the top loser, while Axis Bank, HDFC, Lupin, Hero Motocorp, BPCL and YES Bank are the top gainers. 

Bajaj Auto's April total auto sales is down 2 percent at 3.3 lakh units versus 3.36 lakh units, Y-o-Y.

The company's motorcycle sales up 2 percent at 2.92 lakh units versus 2.86 lakh units. The exports down 36 percent at 1.04 lakh units versus 1.62 lakh units.

Its 3-wheeler sales is down 24 percent at 38,211 units versus 50,483 units.

STOCK TRENDS 

Vedanta Group firm, THL Zinc Ltd, has sought a rollover of a controversial $1.25-billion loan, taken from the conglomerate’s cash-rich oil explorer Cairn India in July 2014. The loan, which was extended for two years at floating rate of three per cent plus LIBOR, was to be repaid by July 2016. Vedanta is up over 2%. 

Auto stocks are trading mixed amid monthly sales data announcement for the month of April. Hero Motocorp is trading flat with positive bias. M&M, Maruti Suzuki, Bajaj Auto and Tata Motors have lost up to 1%.

Yes Bank is up over 1% after the RBI permitted FIIs/Registered FPIs to invest up to 60% of the paid-up capital of the bank from 49% earlier.

Lupin is trading higher up to 1% amid reports that the pharma major plans to strengthen its branded and speciality business in the US.

Godrej Properties will be in focus after it acquired 49 per cent stake in its subsidiary Happy Highrises from Karelides Traders for Rs 248.50 crore.

Private sector lender Federal Bank on Saturday reported a 96% decline in net profit to Rs 10.26 crore for the fourth quarter ended March 31, due to higher provisioning. The stock is dowm 2.5%.

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