Stock Market

Sensex falls 170 points, Nifty slips below 11,100 amid weak global cues

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Benchmark equity indices Sensex and Nifty opened lower ahead of inflation data that will be released later in the day.

Subdued global cues and sustained selling by foreign institutional investors further weighed on market sentiment in early trade. The 30-share Sensex opened 173 points down at 37,755.

The 50-share Nifty index opened 29.75 points down at 11,139.40 and was trading at 11,064, down 46 points or 0.41 per cent. However, as many as six stocks in the Sensex pack were trading in the green with oil-to-telecom behemoth Reliance Industries gaining over 8 per cent.

It was followed by YES Bank (up 1.71 per cent), ONGC (up 1.38 per cent), Tata Motors (up 1.02 per cent), Tata Steel (up 0.77 per cent) and Sun Pharma (up 0.47 per cent).

Shares of RIL gained momentum after the company’s Chairman and Managing Director Mukesh Ambani on Monday announced a mega deal with Saudi Aramco, pledged to make it a zero net-debt company in 18 months and promised to dole out big bonus and dividends over the next few years. On the other hand, Bharti Airtel, NTPC, M-M, HDFC and Maruti Suzuki were down between 2-5 per cent. A whopping 2,140 companies will report June quarter earnings in what is the final week of the earnings season.

Sun Pharma, ONGC, Coal India, PFC Godrej Industries, IPCA Labs and Reliance Infrastructure are set to announce Q1 numbers today.

Overall, other Asian markets also retreated on Tuesday as uncertainty over the China-US trade talks was compounded by increasing tensions in Hong Kong and an economic crisis in Argentina. On Wall Street, the benchmark Standard - Poor’s 500 had its biggest decline in a week while the Dow Jones Industrial Average lost nearly 400 points. The S-P 500 lost 1.2 per cent to 2,883.09.

The Dow fell 1.5 per cent, or 389.73 points, to 25,897.71.




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