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Opening Bell: Sensex, Nifty open flat; DCB Bank tanks 12% post Q1 results

Opening Bell: Sensex, Nifty open flat; DCB Bank tanks 12% post Q1 results

Opening Bell: Sensex, Nifty open flat; DCB Bank tanks 12% post Q1 results
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By CNBC-TV18 Jul 17, 2019 9:50:32 AM IST (Published)

Indian benchmark indices opened flat on Wednesday, tracking subdues Asian peers, amid continued selling by FIIs.

Indian benchmark indices opened flat on Wednesday, tracking subdues Asian peers, amid continued selling by FIIs. Foreign investors have sold Rs 4,520 crore in the last 11 sessions. The ongoing first-quarter earnings season also kept the market cautious.

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Asian shares traded lower following US stocks overnight after Donald Trump said he could impose additional tariffs on China if he wishes.
At 9:20 AM, the Sensex was trading 38 points lower at 39,092 while the broader Nifty50 index lost 10 points to trade at 11,652.
Yes Bank, IOC, BPCL, Adani Ports, and UPL were top gainers on the Nifty50 while Hero MotoCorp, GAIL, Indiabulls Housing, Dr Reddy's, and JSW Steel led the losses.
Sectoral indices were trading mixed in the opening trade. The Nifty Pharma index lost 0.6 percent followed by the Nifty Auto and Nifty IT, which were down 0.4 percent. Meanwhile, the media index advanced 0.8 percent, the Nifty Metal added 0.3 percent and the banking indices were also positive.
DCB Bank tanked 12 percent on asset quality deterioration in Q1. Fresh slippages during the June quarter of the current fiscal increased to Rs 145.4 crore, compared with Rs 107.1 crore a year ago. Net NPAs rose to 0.81 percent, compared with 0.72 percent a year ago.
Energy stocks gained in the opening trade as crude oil prices declined after US inventory data fell short of expectations, amid conflicting signals from the US and Iran over the disputes that have roiled prices recently.
Mindtree and Wipro gained mildly ahead of their Q1 earnings due later today. Yes Bank also extended gains from previous 2 sessions ahead of earnings as reports suggest a consortium of 4 PEs may buy $850 million stake in the lender.
 
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