Wednesday, 31 January 2018

Indices open weak on global cues; IOC, Hero MotoCorp lead on Nifty50

Indian equity indices opened lower, tracking weak cues from global markets and on caution ahead of the Union Budget on Thursday. Shares of information technology companies, fast moving consumer goods companies and pharmaceutical companies were among the worst performers.

The stock market fell for the second day on Wednesday ahead of fiscal deficit data for April-December, annual GDP data for fiscal year 2017 and US Federal Reserve rate decision.

Most Asian markets were weak today, tracking overnight losses in the US indices as a surge in bond yields sparked fears of higher interest rates.

The BSE Sensex was trading at 35,967, down 67 points, while the Nifty50 index was trading at 11,034, down 16 points.

The BSE MidCap Index fell 0.32% and the BSE SmallCap Index advance 0.20%.

Barring the slight strength seen in stocks of state-owned oil refiners and real estate, all other Nifty sectoral indices were in red in early trade.

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