Sensex dives 580 points at open, Nifty below 11,000; RIL, Infy drag

  • Sensex dives 580 points at open, Nifty below 11,000; RIL, Infy drag

Sensex dives 580 points at open, Nifty below 11,000; RIL, Infy drag

In the previous session, Sensex settled 300.06 points or 0.79 per cent down at 37,734.08, and the Nifty fell 96.90 points or 0.86 per cent to 11,153.65.

According to traders, rebound in United States equities in the overnight session, largely positive cues from Asian peers and fresh attempts to ease India-China border tension enthused domestic investors. "We have achieved the first target of the Nifty which was advised to be between 10900-11000, the Nifty low is 10951. The resistance on the upside is at 11300", said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

Bourses in Shanghai, Hong Kong and Seoul ended with gains, while Tokyo closed in the red. On the other hand, major gainers were Axis Bank, HUL, Infosys, HDFC Bank, Nestle, Titan, Maruti, RIL, Asian Paint, LT, Kotak Bank and Bajaj Auto, rising upto 1.82 percent.

All sectoral indices in red: The trend among sectoral indices was negative.

India's main stock exchanges decided in early 2018 to stop licensing their securities or sharing data with foreign exchanges, dealing a shock blow to products such as the SGX's popular Nifty 50 index futures contracts.

The domestic stock markets are likely to open flat, after four consecutive days of losses, going by global cues and early indications from SGX Nifty futures trading.

The Dow Jones rose 0.52 per cent, the S&P 500 gained 1.05 per cent and Nasdaq Composite added 1.71 per cent.

On the stock-specific front, Reliance Industries shares are likely to be in the limelight after the US-based investment firm KKR made a decision to buy a 1.28 per cent stake in its retail arm, Reliance Retail for Rs 5,550 crore.