Sensex and Nifty opened lower on Wednesday as Asian stocks fell in the early morning trade following a slump in Wall Street stocks overnight.
Sensex and Nifty opened lower on Wednesday as Asian stocks fell in the early morning trade following a slump in Wall Street stocks overnight. BSE Sensex lost 96 points to open at 31,713.5 points while NSE Nifty fell 53 points to open at 9,899.25. Within minutes of trading, the benchmark Sensex dipped as much as 223 points to the day’s low of 31,586.53 points and the broader Nifty 50 lost 69 points to the day’s low of 9,882.55 points.
Shares of Sun Pharma (down 2.17%), Adani Ports (down 1.01%), Dr Reddy’s Laboratories (down 0.76%), HDFC Bank (down 0.69%), ITC (down 0.73%), and ICICI Bank (down 0.74%) were the major losers on the 30-share barometer Sensex. All the sectoral indices of NSE were trading in red with losses up to 0.8%.
A sell-off in stocks of the heavyweight companies such as HDFC Bank, ITC, HDFC, Infosys, Sun Pharma, and ICICI Bank contributed the most to the down surge of the benchmark Sensex. Collectively these six stocks washed off around 107 points out of 149 point slump in the index. Sensex was trading at 0.47% lower at 31,661.49 points while Nifty was down 0.49% at 9,903.55 points.
The rupee weakened by 12 paise to 64.22 against the US dollar in early trade at the interbank foreign exchange today on sustained capital outflows. The rupee opened weak at 64.21 a dollar and touched a low of 64.24 a dollar in the early session amid falls in stock markets. It moved in a range of 64.18 a dollar to 64.24 a dollar in morning trade.
US stocks sank on Tuesday, with the S&P 500 stumbling to its biggest single-day loss in about three weeks, as investors weighed fresh tensions with North Korea. As US markets were closed on Monday for the Labor Day holiday, Tuesday marked the first regular trading since the geopolitical developments. The Dow Jones Industrial Average fell 1.07% to 21,753.11 points, the S&P 500 lost 0.75% to 2,457.93 points and the Nasdaq Composite dropped 0.93% to 6,375.57 points.