Weak sentiment in stock markets a day before first phase of general elections

Mumbai (Maharashtra): Equity benchmark indices opened on a weak note on Wednesday, a day before the first round of polling for Lok Sabha elections, as investors awaited corporate earnings for 2018-19.
Renewed concern about a global economic slowdown and escalation in trade tensions contributed to the dull sentiment.

At 10:15 am, the BSE S&P Sensex was down 48 points at 38,890 while the NSE Nifty 50 slipped 9 points to 11,663.
At the National Stock Exchange, most sectoral indices were in the green except IT and financial services.

Among early gainers were Cipla, Indiabulls Housing Finance, ONGC, Coal India and Kotak Mahindra Bank.

However, Hindalco, Tata Consultancy Services, HCL Technologies, Hero Motor Corp and HDFC traded in the negative zone.

Asian stock markets were mixed as the Trump administration threatened tariffs on the European Union.
At the same time, International Monetary Fund cut its global growth outlook to the lowest since the financial crisis: 3.3 per cent in 2019 down from 3.6 per cent in 2018 and 4 per cent in 2017.