Sensex, Nifty trade lower; IT stocks slip 1%

The BSE MidCap index was trading 17 points higher at 14,833 levels, while the BSE SmallCap index was at 14,601 levels, up 16 points.

Mar 08, 2019 09:03 IST India Infoline News Service

Equity benchmark indices opened lower on Friday amid fears of a slowing global economy. Global equities declined and oil prices fell slightly, while safe-haven assets such as the yen and gold held steady after ECB President Mario Draghi said the economy was in "a period of continued weakness and pervasive uncertainty."

The Sensex was down 38 points to 36,687 levels, while the Nifty was marginally down 16 points to 11,041 levels. The market breadth was neutral with 865 shares advancing, 657 shares declining, and 526 remaining unchanged on the NSE.

On the sectoral front, the IT index slipped 1% led by Wipro, HCL Tech, Infosys, and OFSS.

The Indian rupee depreciated as much as 0.26% to 70.18 against the greenback.

Shares of Wipro dropped 4% on the BSE.  About 26.7mn shares changed hands in a single block on BSE, as per media reports.

Shares of KNR Constructions soared 5% after the company bagged order worth Rs1,055cr.

The BSE MidCap index was trading 17 points higher at 14,833 levels, while the BSE SmallCap index was at 14,601 levels, up 16 points.

NTPC, Indiabulls HF, Infratel, and Eicher were trading higher, while Wipro, IOC, HCL Tech, and Hindalco were trading lower on the NSE.

Volatility index India VIX was up 0.26% at 15.33.

The most active stocks were Wipro, Indiabulls HF, Infosys, and RIL on the NSE.

Asian stock markets were trading lower tracking declines in the US after a European Central Bank cut to economic forecasts reignited concerns on global growth and sent global bond yields lower.

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