Sensex declines over 100 points, Nifty50 holds above 10,300; McLeod Russel slips 5%
NEW DELHI: Benchmark indices Sensex and Nifty on Thursday opened on a weak note ahead of the expiry of November series futures and options contracts scheduled for the day.
At 9.25 am, the 30-share Sensex was trading 173.87 points, or 0.52 per cent, lower at 33,428.89. The NSE barometer Nifty50 index was trading 58.10 points, or 0.56 per cent, lower at 10,303.20 at around the same time.
“An outperformance from the banking index had been supporting the benchmark index. But since last 4-5 sessions, the Bank Nifty looks a bit tentative around 25,900-26,000 range. Such incompetence can result in further weakness in the banking index, which will eventually lead to a possible weakness in Nifty50. Looking at this uncertainty, we advise traders to remain light and follow strict stop losses for existing positions,” Angel Broking said in a note.
Kotak Mahindra Bank fell 1.46 per cent to Rs 1,012.25 on BSE. SBI, Cipla and Coal India declined 1.31 per cent, 1.27 per cent and 1.22 per cent, respectively in Nifty50.
Reliance Industries, Adani Ports and Coal India fell up to 0.5 per cent.
On the upside, Sun Pharma advanced 0.69 per cent to Rs 551.70. Infosys added 0.56 per cent to Rs 988.85 on kick start of its Rs 13,000-crore mega buyback offer. It will be the first share buyback by the company’s 36-year long history. The issue will close on December 14.
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Via:: Economic Times – Stocks