Indian benchmark indices opened marginally lower following negative cues from global markets as Asian shares fell over concerns of slowing Chinese economic growth and US-China trade and technology disputes. In India, investors will keep an eye on political tensions with Pakistan.
At 9:30 AM, the S&P BSE Sensex was trading at 36,043, down 20 points, while the broader Nifty50 was ruling at 10,850, down 12 points. Zee Entertainment, HPCL, IndusInd Bank, BPCL and IOC were the top performers on the Nifty, while Bharti Airtel, Bajaj Auto, Axis Bank, and Asian Paints were the top losers of the pack.
Broader markets outperformed the benchmark indices with Nifty Midcap and Smallcap indices gaining 0.6 percent and 1 percent, respectively.
Nifty Metal was the top sectoral gainer, up 1.33 percent led by JSL Hisar, NALCO, SAIL, and JSPL, up in the range of 3 percent to 4.2 percent.
Auto stocks, however, declined post poor February auto sales numbers.
Globally, Australian shares dropped 0.6 percent while South Korea’s Kospi lost 0.5 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.2 percent and Japan’s Nikkei dropped 0.3 percent.