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Opening Bell: Sensex, Nifty start lower tracking negative cues; Tech Mahindra, Axis Bank top losers

Opening Bell: Sensex, Nifty start lower tracking negative cues; Tech Mahindra, Axis Bank top losers

Opening Bell: Sensex, Nifty start lower tracking negative cues; Tech Mahindra, Axis Bank top losers
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By Ajay Vaishnav  Jul 31, 2019 10:16:41 AM IST (Published)

The Sensex slipped 159 points, or 0.43 percent, to 37237.80 in the initial trade.

Indian benchmark equity indices, the BSE Sensex and the NSE Nifty50, continued their downtrend on Wednesday amid sustained foreign fund outflows and disappointing corporate earnings. The Sensex slipped 159 points, or 0.43 percent, to 37237.80 in the initial trade. The Nifty also fell 47 points, or 0.42 percent, to 11038.30.

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The Nifty MidCap index declined 0.69 percent, while Nifty Bank also slipped more than half a percent. Media, IT and FMCG counters traded lower while telecom, auto, PSU banks traded positive.
Among Nifty gainers, Hero MotoCorp, Maruti Suzuki, Sun Pharma, Bharti Airtel and UPL gained by up to 2.19 percent. Tech Mahindra, Axis Bank, Hindalco, BPCL and ONGC slipped by up to 3.64 percent.
Trade sentiment remained negative as concerns over a fresh round of loan defaults loomed after Coffee Day Enterprises promoter VG Siddhartha
, the founder of India's largest coffee chain Cafe Coffee Day and who also owned Asia's single largest Coffee estate, was found dead near Netravathi river in Karnataka.
The shares of Siddhartha-promoted Coffee Day Enterprises hit 20 percent lower circuit at Rs 122.75 for the second consecutive session.
Sical Logistics, where Siddhartha or Coffee Day Enterprises hold a stake, recovered slightly from the day's low of Rs 57.90 per share but still traded over 13 percent lower on concerns over future business operations.
Global cues are also subdued with Asian shares trading weak in early trade rattled by fresh trade war concerns following threats from President Donald Trump to Beijing, while increasing worries about a no-deal Brexit kept the pound under pressure.
Later in the day, the US Federal Reserve is widely expected to cut interest rates for the first time since the financial crisis more than a decade ago. The expected easing has supported risk asset prices worldwide.
Meanwhile, the rupee opened lower at 68.90 against the US dollar on Wednesday, weighed down by selling in domestic equities and rising crude oil prices. The home currency had closed at 68.85 on Tuesday against the greenback.
Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 704.42 crore on Tuesday, provisional data showed.
In debt markets, the yields on the 10-year government bonds were down 0.34 percent to 6.39 percent from its previous close of 6.41 percent. Bond yields and prices move in opposite directions.
 
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-with inputs from agencies
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