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Market opens lower amid renewed trade war concerns; Axis Bank, ONGC gain on good Q2 show

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Indian equity market started the Diwali week on a tepid note, tracking global peers after renewed US-China trade war concerns and spooked investor sentiment across Asia.

Market opens lower amid renewed trade war concerns; Axis Bank, ONGC gain on good Q2 show
Indian equity market started the Diwali week on a tepid note, tracking global peers after renewed US-China trade war concerns and spooked investor sentiment across Asia.
Traders still await the outcome of the two-day monetary policy meeting of the US Federal Reserve, beginning on Wednesday.
Domestically, the July-September quarter results of the country’s largest public sector bank, State Bank of India, are also keenly awaited. The SBI Q2 results could set the tone for the rest of the day, particularly on the Nifty Bank.
The Sensex opened more than 100 points lower or 0.29 percent at 34,911, while the Nifty started at 10,515.90, lower by 37 points or 0.35 percent. On Friday, the Nifty closed at 10,553 up 172 points or 1.7 percent, while the Sensex ended at 35,011.65, higher by 579 points or 1.7 percent.
The Nifty MidCap also stared lower by 0.42 percent, while the Nifty Bank declined by 0.39 percent to start at 25,600.80. Among sectoral indices, only 13 advanced with BSE Realty leading with 1.67 percent gains.
BSE Healthcare, Nifty IT, Nifty PSU Bank and Nifty Realty were other major gaining sectors. BSE Power was leading the 30 lagging sectors. Nifty Media, Energy, Infra and PSE were other losers.
Among major index gainers, Tech Mahindra, Axis Bank, Bajaj Finserv, ONGC, SBI, Sun Pharma and Yes Bank moved higher by up to 2.24 percent.
Indian Oil Corp, NTPC, HPCL, BPCL, Power Grid, NTPC, ICICI Bank and Hindustan Unilever were among the top Nifty losers, falling by up to 4.18 percent.
In currency market, the rupee opened weaker at 72.80 against the US dollar on Monday. The home currency closed at 72.43 against the greenback on Friday.
Asian markets traded sharply lower tracking a soft US close on renewed trade war concerns. Japan's Nikkei was down by more than 300 points, while Hong Kong's Hang Seng slid more than 700 points.
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