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Opening Bell: Sensex falls over 100 points, Nifty below 9,900 as financials drag

Opening Bell: Sensex falls over 100 points, Nifty below 9,900 as financials drag

Opening Bell: Sensex falls over 100 points, Nifty below 9,900 as financials drag
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By Ankit Gohel  Jun 17, 2020 9:52:40 AM IST (Updated)

Indian equity benchmark indices opened lower on Wednesday following mixed global cues amid an escalation of border tensions between India and China.

Indian shares ebbed in the opening trade on Wednesday tracking mixed global cues amid an escalation of border tensions between India and China at the Galwan Valley in Ladakh. At 9:15 am, the Sensex opened 166.91 points, or 0.50 percent, lower at 33,438.31, while the Nifty50 index opened at 9,876.70, down 37.30 points or 0.38 percent.

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Investor risk appetite dampened after at least 20 Indian Army personnel including a colonel were killed in the clash with Chinese troops in the Galwan Valley in eastern Ladakh on Monday night, the biggest military confrontation in over five decades that has significantly escalated the already volatile border standoff in the region.
The United States said it is closely monitoring the situation and hopes that the differences will be resolved peacefully, officials said here.
Broader indices Nifty Smallcap100 and Nifty Midcap100 indices declined 0.13 percent and 0.34 percent, respectively.
Among sectoral indices, the Nifty PSU Bank, Nifty Auto, Nifty Financial Services and Nifty Metal saw the most losses while Nifty Pharma and Nifty Media were trading in the green.
Bharti Infratel, IndusInd Bank, ICICI Bank, JSW Steel and Mahindra & Mahindra led the decline among Nifty50 constituents while Wipro, Britannia Industries, BPCL, Coal India and Bajaj Auto were the top gainers.
HPCL shares gained over 1 percent even after the company reported a 99 cent drop in Q4FY20 net profit to Rs 27 crore as against Rs 2,970 crore, YoY. The company suffered an inventory loss of Rs 4,113 crore during the quarter as compared with an inventory gain of Rs 1,224 crore in the same period a year back. The company’s core GRM in FY20 was at $9.73/bbl versus $0.85/bbl in FY19.
Shares of HDFC AMC fell over 2 percent after the company announced that Standard Life Investments will sell up to 60 lakh shares or 2.82 percent stake with an option to sell an additional 60 lakh shares via an offer for sale on June 17-18 at a floor price of Rs 2,362 per share.
Globally, Asian share markets took a breather on Wednesday as a resurgence of coronavirus cases challenged market confidence in a rapid economic recovery, even as the rebound in US retail sales in May broke all records.
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