Sensex and Nifty — the benchmark indices of the domestic equity markets — gave up opening gains and traded in the negative territory on Wednesday despite positive global cues. A weak rupee amid rising crude oil prices and profit booking in most metals, PSU banks, FMCG and auto stocks pulled the stock market lower. Apart from the IT index, all sectoral indices traded with losses on the National Stock Exchange.
The BSE Sensex dropped over 250 points to a low of 33,587.24 points in morning trade, while the NSE Nifty slipped below the 10,150-level. Coal India shares slipped 4% in opening trade. Dr Reddy’s Lab plunged over 6% on the NSE. Vedanta shares fell nearly 2% ahead of Q2 results due later during the day.
Among major Nifty companies, Larsen & Toubro, Tata Motors and Vedanta are expected to declare their corporate earnings today. Other companies include Adani Enterprises, Adani Power, Balrampur Chini Mills, Canara Bank, Castrol India, Dabur, Escorts, Lupin, Reliance Nippon Life Asset Management, Syndicate Bank and United Spirits.
Asian stocks pulled away from 20-month lows following a rebound on Wall Street, although investors remained cautious after an October month that saw sharp downturns across global equity markets, according to a Reuters report. Oil prices recovered slightly after dropping to multi-month lows the previous day on signs of rising supply and concern that global economic growth and demand for fuel will fall victim to the U.S.-China trade war.
Source- https://www.financialexpress.com/
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