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Sensex, Nifty shed opening gains on weak Asia; HUL falls 3%, OMC stocks drag

Sensex, Nifty shed opening gains on weak Asia; HUL falls 3%, OMC stocks drag

Sensex, Nifty shed opening gains on weak Asia; HUL falls 3%, OMC stocks drag
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By CNBC-TV18 Oct 15, 2018 10:08:38 AM IST (Updated)

Indian shares opened higher but fell shortly after in Monday morning trades as concerns over US-China trade war and rising crude oil prices weighed on the investors' sentiment.

Indian shares opened higher but fell shortly after in Monday morning trades as concerns over US-China trade war and rising crude oil prices weighed on the investors' sentiment.

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Weakness in auto stocks and FMCG shares, especially consumer giant Hindustan Unilever also added pressure on indexes.
At 9:54AM, the S&P BSE Sensex was down 0.3 percent at 34,629 while the NSE Nifty dropped 0.41 percent to 10,430.
Broader markets also started on a positive note, with the Nifty MidCap rising half a percent but the index soon trimmed gains. The BSE MidCap traded marginally down by 0.08 percent. The biggest drag on benchmark indexes remained banking and financial stocks, with the benchmark Nifty Bank down by 0.56 percent.
Among the sectoral indices, as many as 32 declined with BSE Oil & Gas among the top loser as crude oil prices strengthened.
Among the major movers, HPCL, Hindustan Unilever, Asian Paints, ICICI Bank, M&M declined by up to 2 percent, while gainers included ONGC, ITC, TCS, Tech Mahindra and Infosys, rising by 1.78 percent.
Rupee also slipped against the US dollar, opening lower by 24 paise at 73.80 against the greenback. On Friday, the home currency had closed at 73.56.
Investors will now take cues from the retail inflation data for September, scheduled for release later in the day.
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