Markets start on a tepid note: Nifty slips below 11,000-mark; Tata Motors, Yes Bank, Vedanta top laggards in Sensex pack

Nifty has lost almost a 1,000 in the past three months and market sentiments continue to remain weak in the near-term

Press Trust of India August 21, 2019 10:29:32 IST
Markets start on a tepid note: Nifty slips below 11,000-mark; Tata Motors, Yes Bank, Vedanta top laggards in Sensex pack
  • Nifty has lost almost a 1,000 in the past three months and market sentiments continue to remain weak in the near-term

  • In the previous session, Sensex settled 74.48 points, or 0.20% lower at 37,328.01

  • The Nifty too ended 36.90 points, or 0.33% down at 11,017

The stock market opened flat on Wednesday with Sensex and Nifty on a negative note as investors remained risk-averse due to uncertainties over economic growth.

The 30-share index was trading 65.72 points, or 0.18 percent, lower at 37,262.29. The broader Nifty dropped below the 11,000 level, falling 19 points, or 0.17 percent, to 10,998.00 in morning trade.

In the previous session, the Sensex settled 74.48 points, or 0.20 percent, lower at 37,328.01. The Nifty too ended 36.90 points, or 0.33 percent, down at 11,017. Top laggards in the Sensex pack included Tata Motors, Yes Bank, Vedanta, ONGC, Tata Steel and HCL Tech, which fell up to 3 percent.

CG Power and Industrial Solutions shares slump 20 percent in pre-open trade after the company reported accounting irregularities, post-which reports said the government has ordered a probe.

While, Hero MotoCorp, Infosys, M&M, TechM and Maruti rose up to 1 percent. Metal, FMCG and energy sectoral indices declined, while IT and auto gained slightly. Biocon, Alembic Pharma, Sun Pharma, Maruti Suzuki, Infosys, TCS, NTPC, Power Grid, Bajaj Auto and Hero MotoCorp are among major gainers, while losers include Britannia, Yes Bank, Hindalco, Tata Motors, Vedanta, SPARC and Asian Paints.

Markets start on a tepid note Nifty slips below 11000mark Tata Motors Yes Bank Vedanta top laggards in Sensex pack

Representational image. Reuters.

The Nifty has lost almost a 1,000 in the past three months and market sentiments continue to remain weak in the near-term, said Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas. "Domestic markets continue to reel under pressure of slowing growth and the street consensus is that the government may come up with a special package to boost the economy," he added.

Foreign portfolio investors bought shares worth a net of Rs 373.23 crore Tuesday, and domestic institutional investors too purchased shares worth Rs 296.41 crore, provisional data showed.

The rupee, meanwhile, appreciated 17 paise against its previous close to trade at 71.54 in early session.

Elsewhere in Asia, bourse in Hong Kong, Korea, Shanghai and Japan were trading on a mixed note in their respective late morning sessions.

Exchanges on Wall Street ended in the red on Tuesday.

Global oil benchmark Brent crude was trading 0.52 percent higher at 60.34 per barrel.

---With PTI inputs

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