Markets open lower in early trade

11/11/2016 09:23

The key domestic benchmark indices opened lower in the morning trading session tracking a mixed trend across markets in Asia as investors ponder over what the priorities for the new US President Donald Trump and his administration will be, curbing risk taking appetite.

Shares of Tata Steel, Andhra Bank, Bank of Baroda, Dhanlaxmi Bank, BPCL, Indian Overseas Bank, Jet Airways, M&M and Suzlon Energy will be in focus today as these companies reveal their September quarter earnings.

Traders will also eye the September IIP data today which may offer fresh cues over the health of Asia’s third biggest economy.

At 09:20 AM, the Bombay Stock Exchange bellwether Sensex was at 27243.43 down by 274.25 points or by 1.00 per cent, while the NSE Nifty was at 8442.30 points, trading lower by 83.45 points or by 0.98 per cent.

The top gainers of the BSE Sensex pack were Sun Pharmaceutical Industries Ltd. (Rs. 691.00,+3.61 per cent), Infosys Ltd. (Rs. 940.00,+0.15 per cent), Lupin Ltd. (Rs. 1495.00,+0.12 per cent), HDFC Bank Ltd. (Rs. 1277.30,+0.09 per cent), among others.

Meanwhile, Coal India Ltd. (Rs. 325.00,-2.55 per cent), Adani Ports & Special Economic Zone Ltd. (Rs. 288.00,-1.94 per cent), ITC Ltd. (Rs. 246.05,-1.89 per cent), Oil And Natural Gas Corporation Ltd. (Rs. 271.20,-1.70 per cent), ICICI Bank Ltd. (Rs. 288.00,-1.56 per cent), were among the top losers on BSE.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total 515 shares traded, 173 shares advanced, 304 shares declined while 38 were unchanged.

On the global front, Asian stocks were trading mixed today as traders awaited clarity on the economic policies of the Trump-led US administration amid speculation that the Dodd-Frank Act financial-sector law may be replaced with pro-growth policies, while increased US expenditure may expand the US budget gap and stoke inflation. The US markets were trading higher in the previous trading session with Dow Jones Industrial Average rising to a record high on optimism that a Trump win maybe good for the US economy amid a possible roll back of regulations, increased infrastructure spending and tax cuts for businesses.

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