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Opening Bell: Nifty gives up 11300, Sensex slips as auto, energy stocks drag

Opening Bell: Nifty gives up 11300, Sensex slips as auto, energy stocks drag

Opening Bell: Nifty gives up 11300, Sensex slips as auto, energy stocks drag
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By Ajay Vaishnav  Jul 24, 2019 10:08:01 AM IST (Published)

Indian benchmark equity indices, the BSE Sensex and NSE Nifty50, continued the downtrend on Wednesday amid lingering macro concerns, despite positive global cues.

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Trade sentiment remained cautious with a negative bias as the International Monetary Fund slashed its gross domestic product forecast for India for the current and the next financial year to 7 percent and 7.2 percent, respectively. Asian shares advanced on reports that the US-China trade talks could restart next week.
At 9.46 am, the BSE Sensex was trading lower by 92 points at 37,891. The NSE Nifty50 was below the 11,300 zone, falling over 43 points to 11,288. The benchmark Sensex gained over 84 points, or 0.22 percent, to trade at 38,067 in the initial trade. The Nifty too surged, adding 23 points, or 0.20 percent, to trade at 11354.
Broader markets underperformed with both midcaps falling almost a percent amid sustained selling. The Nifty MidCap index was up 0.14 percent in the initial trade, while the Nifty Bank too gained 0.12 percent.
BSE Auto, BSE Oil & Gas, BSE Metal were among the falling sectors, while Nifty Media, Nifty Finance, Nifty PSU Bank and Nifty Realty were among the top gaining sectors.
Yes Bank, Zee Entertainment, HDFC, Indiabulls Housing Finance and Titan were among the top Nifty gainers, rising by up to 2 percent. BPCL, Grasim, Maruti Suzuki, Cipla and Indian Oil Corp declined by up to 1.3 percent.
shares were slightly up after the FMCG major reported an in-line performance on most parameters for the quarter ended June 30. But what could spook market is the management commentary indicating a near-term demand slowdown with rural growth now at par with urban growth.
Larsen & Toubro shares were also trading lower by 0.80 percent despite better-than-expected April-June earnings.
HDFC and HDFC Bank were top supporters to the Sensex, gaining after four days of downtrend, likely on value-buying.
Meanwhile, the rupee opened lower at 69.08 against the US dollar, hurt by a stronger greenback and firm oil prices.
Foreign investors sold shares worth Rs 2,607.97 crore on a net basis on Tuesday, provisional data showed.
In debt markets, the yields on the 10-year government bonds were up 0.67 percent to 6.46 percent from its previous close of 6.42 percent. Bond yields and prices move in opposite directions.
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