Sensex opens on a choppy note, drops over 58 points; Nifty tests 10,750; bank stocks, Bajaj Auto, NTPC among top losers

Sensex dropped 58.53 points, or 0.16%, to 35,791.63 in opening trade. The gauge had rallied 336.45 points in the previous two sessions.

Press Trust of India January 08, 2019 10:19:14 IST
Sensex opens on a choppy note, drops over 58 points; Nifty tests 10,750; bank stocks, Bajaj Auto, NTPC among top losers
  • After two sessions of gains, investors cashed profits in banking, auto and power shares that dragged down key indices.

  • The Central Statistics Office's positive advanced estimates of national income for 2018-19, however, capped the losses on bourses, traders said.

  • The US Dow Jones Industrial Average ended 0.42 percent higher Monday on optimism over fresh talks on trade with China.

Mumbai: The benchmark BSE Sensex opened lower on Tuesday as investors booked profits in recent gainers amid mixed Asian cues and a rebound in crude oil.

After two sessions of gains, investors cashed profits in banking, auto and power shares that dragged down key indices.

The 30-share barometer dropped 58.53 points, or 0.16 percent, to 35,791.63 in opening trade. The gauge had rallied 336.45 points in the previous two sessions.

The NSE Nifty index too fell 19.35 points, or 0.18 percent, to 10,752.90.

Meanwhile, Brent crude, the international oil benchmark, was trading 0.47 percent higher at $57.88 per barrel.

Brokers said investors were also cautious and preferred to log gains ahead of Q3 earnings of blue-chip companies such as TCS and Infosys later this week.

Besides, a weak trend at most of other Asian markets weighed on sentiments here, they added.

The Central Statistics Office's positive advanced estimates of national income for 2018-19, however, capped the losses on bourses, traders said.

Sensex opens on a choppy note drops over 58 points Nifty tests 10750 bank stocks Bajaj Auto NTPC among top losers

Stock trader. Representational image. Reuters

The domestic economy is expected to grow at 7.2 percent in 2018-19 against 6.7 percent in the previous fiscal mainly due to improvement in the performance of agriculture and manufacturing sectors, the CSO had said Monday.

The laggards include PowerGrid, Axis bank, NTPC, Bajaj Auto, M&M, HDFC Bank, Kotak Bank, Hero MotoCorp, HDFC, Reliance Industries, HCL Tech and Maruti Suzuki, falling up to 1.01 percent.

While, the gainers include Tata Motors, Yes Bank, Sun Pharma and Bharti Airtel, rising up to 2.54 percent.

Meanwhile, domestic institutional investors (DIIs) sold shares to the tune of Rs 141.97 crore, while foreign portfolio investors (FPIs) bought shares worth a net Rs 736.18 crore on Monday, provisional data showed.

Globally, in the Asian region, Shanghai Composite Index fell 0.20 percent, Korea's KOSPI shed 0.18 percent, Taiwan Index down 0.16 percent. However, Japan's Nikkei was up 0.80 percent and Hong Kong's Hang Seng gained 0.29 percent in their early deals.

The US Dow Jones Industrial Average ended 0.42 percent higher Monday on optimism over fresh talks on trade with China.

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