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Sensex hovers below 34,000, Nifty holds 10,200; Reliance Industries falls 2%

Sensex hovers below 34,000, Nifty holds 10,200; Reliance Industries falls 2%

Sensex hovers below 34,000, Nifty holds 10,200; Reliance Industries falls 2%
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By Ajay Vaishnav  Oct 30, 2018 12:26 PM IST (Published)

The Indian market was trading negative around noon on Tuesday, dragged by energy, private bank and select consumer stocks.

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The Sensex gave up the 34,000 mark, trading at 33,990.13, down by 77 points at 11.45 am. The broader 50-share Nifty traded flat at 10,243, lower by 8 points.
Energy stocks sapped as state-owned downstream companies BPCL, IOC, and HPCL and index heavyweight Reliance Industries traded sharply negative. This decline came after BPCL posted a weak set of numbers in Q2 earnings on Monday.
Broader markets, however, outperformed frontline indexes with the Nifty MidCap trading nearly a percent higher. The BSE MidCap rose 1.12 percent high. Sustained buying was witnessed in non-banking financial space and public sector banks.
Sectoral indices traded mixed with Nifty PSU Bank leading the 25 advancing sectors. BSE IT, BSE Teck, BSE Telecom, Nifty IT were other major sectoral gainers, rising by up to 1.69 percent. BSE Energy declined by 1.8 percent and was leading the 18 declining sectors.
Shares of Union Bank of India which posted surprise net profit in its July-September quarter results jumped nearly 12 percent. Dewan Housing Finance, Oriental Bank, Indian Bank, RCom, Infibeam stocks were among the top gainers. The top gainers also included Gail, SBI, Infosys, Grasim, Yes Bank, Tata Motors and Tech Mahindra, rising by up to 3.79 percent.
BPCL, IndusInd Bank, Reliance Industries, Coal India, HDFC, Kotak Mahindra were among the top index losers, declining by up to 2.61 percent. Index heavyweight Reliance Industries declined by 2 percent, while HDFC fell 1.35 percent.
In the currency market, the Indian rupee traded at 73.57 against the US dollar after opening at 73.55. The rupee had closed at 73.44 against the greenback on Monday.
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Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
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