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Sensex, Nifty open marginally up; bank, financials again under pressure

Sensex, Nifty open marginally up; bank, financials again under pressure

Sensex, Nifty open marginally up; bank, financials again under pressure
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By Ajay Vaishnav  Sept 24, 2018 10:24:58 AM IST (Published)

The Indian rupee opened weak against the US dollar at 72.47 against Friday's close of 72.21.

Indian equity market started marginally up on Monday, after the Reserve Bank of India said that it was closely monitoring financial market along with the Securities and Exchange Board of India(Sebi).

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However, soon market edged back with selling gripping the market amid surging crude oil prices and pressure in rupee weighing on banking and financial stocks.
The BSE Sensex, which rose to 36,924.72, trading higher by 83.12 soon turned red, erasing all opening gains. At 9.20, the 30-share BSE index slipped to 36,795.74, down by nearly 46 points.
The NSE Nifty50 also rose in the opening tick to 11,164.40, higher by 21.30 points but later dipped to 11,115.10.
Midcaps were again under pressure with the Nifty MidCap dipping by 0.82 percent, while the BSE MidCap traded lower by 0.66 percent.
Sectoral indices on the NSE traded mostly negative except IT and metal, which rose 0.59 percent each. Nifty Bank declined by 0.62 percent, while auto and fin service and realty slumped between 1.02 percent and 1.79 percent. PVT Bank traded lower by 0.73 percent and PSU Bank by 0.24 percent.
Among stocks, Yes Bank shares again declined 3.4 percent as the news of CEO Rana Kapoor's exit continued to weigh on investors although the lender's shares gained 4 percent in the pre-open trade.
Dewan Housing Finance shares surged 18 percent as the government's comment relieved investors. Other notable gainers were mostly from pharma and IT pack, with Infosys, Cipla, Orchid Pharma gaining in trade.
TD Power Systems' shares were up 14 percent after the company announced its plan to consider buyback of shares.
The Indian rupee opened weak against the US dollar at 72.47 against Friday's close of 72.21.
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