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Opening Bell: Nifty falls below 11,500 level, Titan shares plunge 11%

Opening Bell: Nifty falls below 11,500 level, Titan shares plunge 11%

Opening Bell: Nifty falls below 11,500 level, Titan shares plunge 11%
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By Ajay Vaishnav  Jul 9, 2019 9:58:08 AM IST (Updated)

The 30-share benchmark BSE Sensex slipped 225 points, or 0.58 percent, to trade at 38,495 in initial trade.

Indian shares extended previous day's losses and opened lower on Tuesday, on the back of a broad-based selloff across sectors after Budget 2019 proposed to increase the surcharge on super-rich people and raise minimum public shareholding to 35 percent from 25 percent earlier.

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The sentiment was also subdued following Morgan Stanley's "underweight" stance on global equities.
The 30-share benchmark BSE Sensex slipped 225 points, or 0.58 percent, to trade at 38,495 in initial trade. The broader 50-share Nifty also dipped 75 points, or 0.65 percent, to trade at 11,483. The Nifty50 has slipped below 11,500 for the first time since May 17.
The Nifty MidCap dropped over 103 points, while Bank Nifty fell over 221 points. All major sectors, on both the bourses with the exception of BSE Oil & Gas, BSE Metal and BSE Healthcare, dipped. BSE Consumer Durable declined almost 5 percent.
Among the Nifty losers, Titan fell nearly 11 percent on a rating downgrade by Morgan Stanely and after Credit Suisse cited expensive valuation.
UPL, HDFC, Bajaj Finance and Bharti Infratel were other major laggards, falling between 1 and 2.5 percent.
Indian Oil rose more than 4 percent, while Yes Bank also rose almost 2 percent. ONGC, Eicher Motors and Sun Pharma were other major gainers.
Meanwhile, the Indian rupee was unchanged on Tuesday morning against Monday's close of 68.65 per dollar.
Global cues also took its toll on trade sentiment as hopes of a hawkish stance on rate cuts by the US Federal Reserve have somewhat faded after better-than-expected employment data.
Asian equities tracked US markets, which underperformed with investors now awaiting Fed chairman Jerome Powell's testimony to the US Congress on Wednesday for cues on reduction in interest rates.
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