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Opening Bell: Sensex, Nifty edge lower tracking global peers; Yes Bank falls, DHFL among gainers

Opening Bell: Sensex, Nifty edge lower tracking global peers; Yes Bank falls, DHFL among gainers

Opening Bell: Sensex, Nifty edge lower tracking global peers; Yes Bank falls, DHFL among gainers
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By Ajay Vaishnav  Jun 12, 2019 10:18:25 AM IST (Published)

The BSE Sensex shed 120 points or 0.30 percent to trade at 39,830 in initial trade.

The Indian market edged lower on Wednesday, tracking its Asian peers as the US-China trade tariff war concerns came back to the fore. The street also awaited key macro-economic data on industrial growth and inflation to be announced later in the day.

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The BSE Sensex shed 120 points or 0.30 percent to trade at 39,830 in initial trade. The NSE Nifty50 slipped by almost 32 points or 0.27 percent to 11,934.
Broader market indices also traded under pressure with the Nifty MidCap down by nearly 80 points or 0.40 percent. The Nifty Bank declined 130 points or 0.42 percent to trade at 31,135. Barring metal and energy, all other indices are trading lower led by IT, pharma, auto, bank and infra.
Among index losers, Indiabulls Housing Finance, Yes Bank, ONGC, HCL Technologies and Bharti Infratel dipped between 1 and 4 percent. Tata Steel, Asian Paints, Vedanta, Tata Motors and JSW Steel gained between 0.5 and 1 percent.
Shares of Dewan Housing Finance (DHFL) gained after the mortgage lender informed bourses that it has cleared all its overdue payments on non-convertible debentures (NCDs). The NBFC has also paid Rs 962 crore in interest on non-convertible debentures (NCDs), which fell due on June 4. The stock rose as much as 6.6 percent in morning deals to Rs 95.90 per share on the BSE.
Yes Bank shares dipped over 3 percent in initial trade after Moody’s Investors Services placed the private lender’s ratings under review for downgrade due to its "sizeable exposure" to weaker housing finance and non-banking finance companies.
Shares of Reliance Capital dipped over 3 percent as the company’s auditor, Price Waterhouse & Co, resigned, citing that the companies did not respond and resolve certain observations. Another ADAG firm, Reliance Home Finance also fell 3.5 percent. PwC was an auditor to both firms.
Meanwhile, the Indian rupee opened little changed
but edged higher against the dollar in early trades on Wednesday, helped by a sluggish greenback and weak oil prices.
Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 95.79 crore Tuesday, provisional data showed.
In debt markets, the yields on the 10-year government bonds were up 0.31 percent to 7.02 percent from its previous close of 7.04 percent. Bond yields and prices move in opposite directions.
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