Opening Bell: Sensex opens 200 points lower, Nifty below 12,200; ICICI Bank up 1%
Indian market opened lower on Monday, following Asian peers, amid worries that the new coronavirus outbreak could severely disrupt the Chinese economy, as well as the global growth. Index heavyweights HDFC Bank, Reliance Indutries, Kotak Bank, L&T, and HDFC also dragged the index lower.
At 9:18 am, BSE Sensex was trading 201 points lower at 41,412, while the Nifty50 was ruling at 69 points lower at 12,178. ICICI Bank, UPL, TCS, UltraTech Cement, and BPCL, were the top gainers on the Nifty50 index in opening deals, whereas JSW Steel, Vedanta, Tata Steel, Yes Bank, and Hindalco led the losses.
All sectoral indices were trading in the red at open. The Nifty Metal index fell the most, down 1.8 percent, followed by Nifty PSU Bank, down 1.2 percent. Nifty Bnak and Nifty Auto were also down over 0.5 percent.
ICICI Bank rose 1 percent in an otherwise weak market after the lender reported a 158 percent year-on-year (YoY) jump in net profit at Rs 4,146.5 crore for the third quarter ended December 31 helped largely by the Essar Steel recovery and a jump in its core income.