Nifty opens below 10,700-mark; ICICI Bank, IndusInd Bank stocks drag

ICICI Bank, Indiabulls Housing, Axis Bank and Hindalco are among the top laggards, while Yes Bank, Tata Motors and Wipro were the top gainers on the Nifty50 charts.

Aug 23, 2019 04:08 IST India Infoline News Service

Bear Market
Equity benchmark indices opened at 5-month low, with the Nifty50 breaching 10,700-mark for the first time since February 2019. ICICI Bank, Indiabulls Housing, Axis Bank and Hindalco were among the top laggards, while Yes Bank, Tata Motors and Wipro were the top gainers on the Nifty50 charts.

The Sensex is down over 300 points at 36,164, and the Nifty is down 78 points at 10,662. About 386 shares have advanced, 1,152 shares declined, and 508 shares are unchanged.

On the sectoral front, all the sectors are seeing deep cut of 1% each, only IT index was trading higher by 1% led by gains seen in Wipro, Tata Elxsi and Infosys.

On the economy front, Chief Economic Advisor Krishnamurthy Subramanian said one could not expect the government to use taxpayers’ money to intervene every time some sectors go through “sunsets”.

The Indian rupee opened lower by 10 paise at 71.91 per dollar vs. previous close 71.81/$.

Asian shares were trading mixed on Friday as weak US manufacturing activity.

US stocks ended mixed on Thursday as a fall in US jobless claims offset data showing a contraction in US manufacturing activity while investors awaited Federal Reserve Chair Jerome Powell's speech on Friday for clues on the central bank's monetary policy.

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