Sensex, Nifty open lower on global selloff; midcaps, pharma stocks fall
Oil prices dipped on Thursday, weighed down by plentiful supply despite ongoing efforts led by OPEC to tighten the market by cutting production.
Tracking weak global cues on the back of a selloff, the market on Thursday opened on a negative note.
The Sensex was down 133.62 points at 30525.15, while the Nifty fell 48.15 points at 9477.60. The market breadth was negative as 193 shares advanced against a decline of 734 shares, while 37 shares were unchanged.
Hero MotoCorp, Dr Reddy’s, Hindalco and Adani Ports were the top losers on both indices, while Wipro, TCS and HDFC gained the most.
All major indices on the Nifty—midcaps, IT, pharma, auto and energy, others—were trading lower, driving the consolidation.
The Indian rupee opened lower by 19 at 64.34 per dollar on Thursday versus previous close 64.15.
"The dollar weakened against most currencies due to political developments and mixed data from the US. The rupee is well supported on the back of custodial flows into the country."
IDFC Bank, Credit Suisse Securities and ICICI Securities were the lead managers to the offer.
Asian stocks fell on Thursday in line with global peers, and the dollar nursed deep losses against the yen as uncertainty mounted over US President Donald Trump's future following reports that he tried to interfere with a federal investigation.
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