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Sensex trades lower, Nifty below 11,300; metals, financials decline

Sensex trades lower, Nifty below 11,300; metals, financials decline

Sensex trades lower, Nifty below 11,300; metals, financials decline
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By Ankit Gohel  Aug 12, 2020 9:53 AM IST (Published)

The Indian equity benchmark indices opened lower on Wednesday following Asian peers that fell on uncertainties over an additional round of US fiscal stimulus.

The Indian equity benchmark indices opened lower on Wednesday following Asian peers that fell on uncertainties over an additional round of US fiscal stimulus.

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At 9:15 am, the Sensex opened 0.22 percent, or 85.88  points, lower at 38,321.13, while the Nifty50 index opened at 11,289.00, down 33.50 points, or 0.30 percent.
Broader markets fell in line with the benchmarks with Nifty Smallcap100 and Nifty Midcap100 indices down 0.5 percent each.
Selling in heavyweights such as Bajaj Finance, Axis Bank, Reliance Industries, HDFC Bank, among others dragged Nifty below 11,300 level.
Among sectoral indices, the Nifty Metal, Nifty Financial Services, Nifty Pharma Nifty Private Bank and Nifty FMCG declined while Nifty PSU Bank and Nifty Media were trading in the green.
Bajaj Finance, Hindalco Industries, Axis Bank, Bajaj Finserve and Cipla led the decline among the Nifty50 index while Adani Ports & SEZ, SBI, Tech Mahindra, Eicher Motors and Hero MotoCorp were the top gainers.
HDFC Ltd stock price fell 1 percent after the company raised Rs 10,000 crore equity capital by issuing shares to qualified investors, including the Government of Singapore and Invesco Oppenheimer Developing Markets Fund. Besides, it has raised Rs 3,693 crore through an issue of non-convertible debentures.
Adani Ports & SEZ shares gained over 2 percent as brokerages remained bullish on the stock despite its weak June quarter earnings. The company's Q1FY21 net profit fell 26.2 percent to Rs 757.8 crore from Rs 1,028.7 crore while revenue declined 19 percent to Rs 2,292.7 crore from Rs 2,794.5 crore, YoY.
 
 
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