Stock markets start on a choppy note: Sensex, Nifty down 124 points; bank stocks underperform

At 10.15 hours, Sensex slipped further 124.17 points or 0.33% to 37,517.10. Nifty was down 124.17 points or 0.33% to 11,072.35

FP Staff August 28, 2019 10:27:22 IST
Stock markets start on a choppy note: Sensex, Nifty down 124 points; bank stocks underperform
  • At 10.15 hours, Sensex slipped further 124.17 points or 0.33% to 37,517.10. Nifty was down 124.17 points or 0.33% to 11,072.35

  • In the previous session, the BSE barometer closed 147.15 points, or 0.39% higher at 37,641.27; and the Nifty rose 47.50 points, or 0.43% to 11,105.35

  • The rupee, meanwhile, turned flat against its previous close to trade at 71.48 in early session

BSE Sensex started on a choppy note on Wednesday tracking weakness in metal and banking stocks amid tepid cues from global markets. After opening slightly higher than its previous close, the 30-share index slipped into the red to trade 12.46 points, or 0.03 percent, lower at 37,628.81 at 0930 hours, while the broader Nifty fell 7.30 points, or 0.06 percent, to 11,098.05 in early trade.

At 10.15 hours, Sensex slipped further 124.17 points or 0.33 percent to 37,517.10. Nifty was down 124.17 points or 0.33 percent to 11,072.35.

In the previous session, the BSE barometer closed 147.15 points, or 0.39 percent, higher at 37,641.27; and the Nifty rose 47.50 points, or 0.43 percent, to 11,105.35.

Top gainers in the Sensex pack in early trade on Wednesday included Tata Motors, HCL Tech, Bajaj Auto, TechM, Sun Pharma, PowerGrid, Infosys and ITC, that rose up to 3 percent.

On the other hand, Tata Steel, Maruti, HUL, Kotak Bank and ONGC fell up to 2 percent.

Foreign portfolio investors sold shares worth a net of Rs 923.94 crore on Tuesday, while domestic institutional investors purchased shares worth Rs 1,162.65 crore, provisional data showed.

Stock markets start on a choppy note Sensex Nifty down 124 points bank stocks underperform

Representational image. Reuters.

The rupee, meanwhile, turned flat against its previous close to trade at 71.48 in early session.

The rupee depreciated marginally by 9 paise to 71.57 against the US dollar in early trade on Wednesday amid unabated foreign fund outflows and cautious opening in domestic equities.

Forex traders said concerns about US-China trade spat kept market participants edgy. Rupee and most Asian currencies like South Korean won, Thai Baht, Malaysian ringgit, Japanese yen and Indonesian rupiah were trading lower, they added.

At the interbank foreign exchange, the rupee opened weak at 71.50 then fell to 71.57 against the US dollar, showing a decline of 9 paise over its previous closing.

The domestic currency however pared the initial losses and was trading at 71.51 against the American currency at 0943 hours.

The Indian rupee on Tuesday had closed at 71.48 against the US dollar.

Elsewhere in Asia, bourses in Hong Kong, Korea and Japan were trading a tad higher in their respective late morning sessions, while those in China slipped into the red.

Asian shares eked out cautious gains on Wednesday, as higher Wall Street futures provided some relief after an overnight US selloff, though deeper worries about the global economy and trade have kept a lid on sentiment.

Japan's Nikkei rose 0.15 percent, Australia's shares climbed 0.13 percent while Korea's KOSPI was up 0.4 percent. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.06 percent, dragged lower by Chinese markets.

Oil prices rose in Asia for the second day of gains after an industry report showed US stockpiles fell more than expected. Global oil benchmark Brent crude was trading 0.68 percent higher at 59.43 per barrel.

--With PTI inputs

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