Profit

Sensex Edges Lower, Nifty Near 10,700; IndiGo Shares Slump 7%

InterGlobe Aviation reported a 73 per cent slump in fourth-quarter profit on Wednesday.

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Sensex Edges Lower, Nifty Near 10,700; IndiGo Shares Slump 7%

Q4 profit dropped to Rs 118 crore, from Rs 440 crore a year earlier, InterGlobe said.

he Sensex and Nifty edged lower today. The Sensex wad down 15 points while Nifty hovered around 10,705. Shares of InterGlobe Aviation, owner of India's top carrier IndiGo, fell almost 7 per cent on Q4 earnings. InterGlobe Aviation reported a 73 per cent slump in fourth-quarter profit on Wednesday, dragged down by higher expenses and fuel costs. Profit dropped to Rs 118 crore, from Rs 440 crore a year earlier, InterGlobe said in a statement. The NSE Nifty and BSE Sensex had ended flat yesterday.

Asian shares were subdued on Thursday ahead of anxiously-awaited China-U.S. trade talks, while the US dollar consolidated recent bumper gains after the Federal Reserve reaffirmed the outlook for more rate hikes this year. The Fed policy meeting ended with no change as expected while the central bank expressed confidence a recent rise in inflation to near target would be sustained, leaving it on track to raise borrowing costs in June.

Reports that the Trump administration is considering executive action to restrict some Chinese companies' ability to sell telecoms equipment in the United States could unsettle investors. Talks between US Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He are due to kick off later on Thursday, but a breakthrough deal is viewed as highly unlikely.

MSCI's broadest index of Asia-Pacific shares outside Japan was all but flat, while South Korean stocks eased 0.31 per cent. Japan's Nikkei was closed for a holiday, while E-Mini futures for the S&P 500 barely budged. Wall Street had wobbled on Wednesday as potential U.S. restrictions on Chinese telecom companies reinforced investor concerns about worsening trade relations.

The Dow ended down 0.72 per cent, while the S&P 500 also lost 0.72 per cent and the Nasdaq 0.42 per cent. (With Agency Inputs)

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