Opening Bell: Sensex, Nifty start lower, OMCs gain on lower crude prices
The BSE Sensex traded at 35,386, down by nearly 88 points, or 0.2 percent at 9.20 am, while the NSE Nifty50 was trading at 10,647, lower by 9.35 points, or 0.1 percent. Broader markets started mildly higher with the Nifty MidCap up by 0.15 percent in initial trade. The Nifty Bank started on a flat note, up by 0.06 percent. As many as 32 sectors advanced with Nifty Pharma leading with 1.6 percent gains. BSE Oil & Gas also rose 1.6 percent. IT and metal indexes were leading the 11 declining sectors with BSE IT falling by more than 2 percent. Among top percentage gainers, Dr Reddy's Labs, Hindustan Petroleum Corp. Ltd, Bharat Petroleum Corp. Ltd, Indian Oil Corp., Asian Paints, Yes Bank, ONGC, Bharti Airtel, Sun Pharma shares surged by up to 8 percent. Dr Reddy's Laboratories gained 8 percent in initial trade after a US court lifted the ban on the sale of the company's generic version of Indivior's Suboxone drug. Tech Mahindra, Infosys, TCS, HCL Technologies, Eicher Motors, Vedanta, Wipro, Tata Steel were among top percentage losers, falling by up to 2.83 percent. Infosys, TCS, Reliance Industries and L&T along with ICICI Bank were top drags on both indexes. Support came from HDFC and Asian Paints along with SBI, ONGC and Kotak Bank.