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Opening Bell: Sensex, Nifty open flat; IT stocks under pressure, ZEEL top gainer

Opening Bell: Sensex, Nifty open flat; IT stocks under pressure, ZEEL top gainer

Opening Bell: Sensex, Nifty open flat; IT stocks under pressure, ZEEL top gainer
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By Ankit Gohel  Jul 23, 2020 9:45:31 AM IST (Published)

The Indian equity benchmark indices opened on a flat note on Thursday following mixed global cues.

The Indian equity benchmark indices opened on a flat note on Thursday following mixed global cues amid rising US and China trade tensions.

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At 9:15 am, the Sensex opened 0.15 percent or 56.60 points lower at 37,814.92, while the Nifty50 index opened at 11,135.00, up 2.40 points, or 0.02 percent.
Broader markets gained with Nifty Smallcap100 and Nifty Midcap100 indices up 0.6 percent each.
Among sectoral indices, Nifty Pharma, Nifty FMCG, Nifty Realty and Nifty Metals traded with gains while Nifty IT was the only to trade in the red.
Zee Entertainment, Titan Company, UPL, Asian Paints and Grasim Industries led the gains among Nifty50 constituents while Axis Bank, Infosys, Bharti Infratel, Bajaj Auto and PowerGrid Corporation were the top index losers.
The share price of Larsen & Toubro opened marginally lower after the company’s net profit in Q1FY21 declined 79.4 percent to Rs 303 crore from Rs 1,472.6 crore while revenue fell 28.3 percent to Rs 21,260 crore from Rs 29,636 crore, YoY. EBITDA witnessed a decline of 47.2 percent to Rs 1,620.5 and operating margins saw a fall of 270 bps to 7.6 percent, YoY. L&T’s order inflow fell 39 percent YoY to Rs 23,574 crore.
Axis Bank shares fell over 1.4 percent after the announcement that its Group Executive & Head, Banking Operations & Transformation, Naveen Tahilyani, will be stepping down in November.
 
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