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Sensex, Nifty dips; Eicher Motors slips 5%, Tata Steel 2%

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Dion Global

02 Jan 2019

Indian benchmark indices opened lower on Wednesday taking cues from the Asian markets that turned tail on the first trading day of the new year as more disappointing economic data from China darkened the mood and erased early gains in US stock futures. US oil began 2019 in positive territory on Wednesday, although the general outlook for the year is weak amid soaring US crude supply and concerns of an economic slowdown. The Indian rupee opened marginally lower at 69.52 per dollar versus previous close 69.45. Auto stocks are trading lower on the back of auto sales for December. The stocks of Eicher Motors were trading over 5 per cent lower in early trade after the company reported 13 per cent fall in Motorcycle sales in December to 58,278 units versus 66,968 units YoY. Whereas the shares of Tata Steel were trading 2 per cent lower in the early trade.

At 9:25 hours, BSE SENSEX was trading at 36169.77 down by -84.8 points or by -0.23 per cent and then NSE Nifty was at 10869 down by -41.1 points or by -0.38 per cent.

The top gainers of the BSE Sensex were Tata Consultancy Services Ltd. (Rs. 1918.80,+0.86%), Infosys Ltd. (Rs. 669.90,+0.79%), YES Bank Ltd. (Rs. 185.50,+0.68%), State Bank of India (Rs. 301.15,+0.60%), Sun Pharmaceutical Industries Ltd. (Rs. 433.45,+0.08%). The top losers of the BSE Sensex were Mahindra & Mahindra Ltd. (Rs. 758.00,-2.02%), Tata Steel Ltd. (Rs. 506.70,-1.72%), Vedanta Ltd. (Rs. 198.70,-1.71%), Oil And Natural Gas Corporation Ltd. (Rs. 146.85,-1.41%), Tata Motors Ltd. (Rs. 171.40,-1.27%).

On the sectoral front, the gainers in BSE IT index was trading at 14233.36 up by 90.5 points or by 0.64%. Kellton Tech Solutions Ltd. (Rs. 44.50,+7.23%), Datamatics Global Services Ltd. (Rs. 117.65,+3.57%), Hexaware Technologies Ltd. (Rs. 339.30,+2.11%), Firstsource Solutions Ltd. (Rs. 49.35,+1.54%), Mahindra & Mahindra Ltd. (Rs. 728.65,+1.25%). On the flip side, BSE Metal index was at 11604.38 down by -147.63 points or by -1.26%. Hindalco Industries Ltd. (Rs. 217.70,-2.29%), JSW Steel Ltd. (Rs. 296.70,-2.26%), Tata Steel Ltd. (Rs. 506.70,-1.72%), Vedanta Ltd. (Rs. 198.70,-1.71%), Jindal Steel & Power Ltd. (Rs. 160.50,-1.29%).

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 1217 , shares advanced were 552 while 604 shares declined and 61 were unchanged.