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Sensex, Nifty open lower on weak Asian cues, Bharti Airtel shares dip 5%

Sensex, Nifty open lower on weak Asian cues, Bharti Airtel shares dip 5%

Sensex, Nifty open lower on weak Asian cues, Bharti Airtel shares dip 5%
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By Ajay Vaishnav  Nov 9, 2018 10:08:09 AM IST (Published)

The Indian market opened with losses on Friday on weak global cues as US Federal Reserve's plans to continue raising interest rates at a gradual pace with a fourth hike likely next month.

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The Nifty was down by 43 points, at 10,555, while the Sensex slipped by 178 points to trade at 35,059 at 9.20 am.
Broader markets outperformed with the Nifty MidCap surging more than half a percent. The BSE MidCap was mildly higher by 0.20 percent.
Sectoral indices traded mixed with just four sectors advancing. BSE Oil & Gas gained as crude oil prices eased. BSE Telecom was the worst performing sector, leading 21 such sectors. BSE Metal, BSE Consumer Durables, BSE Finance and BSE Teck were other major laggards.
Shares of downstream companies like Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp rose as as the US crude oil futures dipped on Thursday.
Bharti Airtel slipped 5 percent as global rating agency Moody's downgraded the stock.
Among top index gainers, Bharti Infratel, HPCL, IOC, BPCL, IndusInd Bank, Sun Pharma, Adani Ports, Asian Paints and Power Grid Corp shares jumped by up to 3 percent.
Hindalco, JSW Steel, Wipro, Tata Steel, HDFC and Infosys slipped by up to 3.31 percent.
The Indian rupee opened stronger at 72.70 against the US dollar, after closing at 72.99 on Tuesday.
In Asia, Japan's Nikkei traded nearly a percent lower, while Hong Kong's Hang Seng plunged by 2.38 percent.
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