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Sensex, Nifty open lower on subdued global cues, HCL Tech down ahead of Q3 results

Sensex, Nifty open lower on subdued global cues, HCL Tech down ahead of Q3 results

Sensex, Nifty open lower on subdued global cues, HCL Tech down ahead of Q3 results
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By Ajay Vaishnav  Jan 29, 2019 10:19:45 AM IST (Published)

Indian shares opened lower on Tuesday, tracking subdued Asian and global equities, as prospects for a Sino-US trade deal was dealt a blow after the United States charged Chinese telecom firm Huawei with bank fraud.

Indian shares opened lower on Tuesday, tracking subdued Asian and global equities, as prospects for a Sino-US trade deal was dealt a blow after the United States charged Chinese telecom firm Huawei with bank fraud.

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Investors were also cautious ahead of the interim Budget due Friday.
At 9.50 am, the Sensex was down by almost 38 points, or 0.11 percent, to trade at 35,618.80 in early trade. The Nifty was down by almost 28 points, or 0.26 percent, to trade at 10,633.90.
Shares of index heavyweight Reliance Industries, HDFC Bank, HDFC, Infosys, Hindustan Unilever and L&T dragged, while support for the bulls came from ITC and ICICI Bank.
Broader market indices also underperformed with the Nifty MidCap declined 0.41 percent, or 68 points, to 16,587.50. In the midcap space, RBL Bank, Crompton, Shriram Transport Finance, Havells, Godrej dragged, while Federal Bank, Adani Power, UBL supported.
Investors will closely watch banks and non-banking financial shares such as Axis Bank, Bajaj Finance, Bajaj Finserv, HCL Technologies, and Housing Development Finance Corp ahead of their results later in the day.
Additionally, the market will likely keep a close watch on news portal Cobrapost’s report on the alleged “India’s Biggest Financial Anatomy Scam” worth Rs 330 billion later in the day, which may affect banks and the NBFC sector.
Among the gainers, Adani Ports, UltraTech Cement, Bajaj Finance and L&T moved up by up to 2.5 percent.
Shares of Bajaj Finance surged 2.5 percent ahead of its third quarter results later in the day.
Shares of Persistent Systems jumped 5 percent to trade at Rs 589 after the company said it will buy back up to 3 million shares at Rs 750 per share, a premium of 33 percent to Monday's closing price.
Sun Pharmaceuticals shares moved 1.4 percent up as the firm received the US Food and Drug Administration's approval for anti-inflammatory drug.
Indiabulls Housing Finance declined 4.16 percent, while Reliance Industries dipped almost a percent.
Meanwhile, the Indian rupee opened lower against the greenback on Tuesday as oil prices crept higher after the US government slapped sanctions on Venezuela. The home currency opened at 71.14 after Monday's close at 71.10 against the greenback.
Asian shares traded with cuts with Japan's Nikkei dipping 0.65 percent. Hong Kong's Hang Seng was down by 0.6 percent. South Kora's Kospi was marginally down by 0.22 percent.
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