Indian equity benchmark indices BSE Sensex and NSE Nifty50 fell on Tuesday in-line with negative global cues amid persisting concerns over global growth, US-China trade tariff war, Hong Kong protests and the crash in Argentine currency peso. Indian shares opened with marginal gains led by index heavyweight Reliance Industries and Tata Motors. The Sensex dropped 117 points, or 0.31 percent, to 37465 in initial trade. The Nifty50 slipped 33 points, or 0.30 percent, to 11077.
At 9.47 am, the Sensex was lower by over 200 points trading near the 37,370 level. The Nifty dropped 54 points trading above 11050.
Broader markets also traded under pressure with the Nifty MidCap index down by half a percent in early trade. It recovered a bit, trading lower by 0.38 percent at 9.47 am.
Markets were closed on Monday on account of Eid-Al-Adha.
Reliance Industries' shares jumped 9 percent after the oil-to-telecom-retail conglomerate said it will be debt-free in 18 months on the back of stake deal with Saudi Aramco and BP.
The banking gauge, Nifty Bank dipped a percent, while all other notable sectors like FMCG, IT, bank, auto, metal, pharma and infra traded in the red.
Bharti Airtel shares plunged 4.2 percent as Reliance Jio announced its roll-out of the Jio GigaFiber services from September 5 with plans starting as low as Rs 750 per month, offering speed from 100 mps.
Shares of Bharat Petroleum Corp surged over 2.6 percent despite the downstream oil company posted a 53 percent on-year fall in net profit for the June quarter, to Rs 1,075 crore, missing analysts' estimate of Rs 1,316 crore.
Gail India, BPCL, Yes Bank, Indiabulls Housing, Zee Entertainment, Tata Motors were among major index gainers, while losers included NTPC, Bharti Airtel, Britannia Industries, Vedanta, M&M, Power Grid, HDFC, JSW Energy, HUL, Tech Mahindra, Inox, PVR and Dish TV.
against the US dollar on Tuesday, tracking weakness in the other emerging market currencies. The home currency started at 71.16, down 28 paise from its Friday’s close of 70.78.
Foreign institutional investors (FIIs) turned net buyers in the capital markets, putting in Rs 203 crore on Friday, provisional data showed.
In debt markets, the yields on the 10-year government bonds were up 0.22 percent to 6.51 percent from its previous close of 6.50 percent. Bond yields and prices move in opposite directions.
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