Sensex, Nifty trade lower; HDFC twins, metals, FMCG stocks fall
Equity benchmarks opened mildly lower on Wednesday, tracking subdued global cues following correction in metals and crude oil prices.
The 30-share BSE Sensex was down 41.86 points at 32,900.01 and the 50-share NSE Nifty fell 16.70 points to 10,169.90.
Sun Pharma, Lupin, Vedanta, Hindalco, NALCO, Bajaj Finance, Bharti Infratel and GAIL were early losers while HPCL, BPCL, TCS, Ambuja Cements and Dr Reddy's Labs were early gainers.
Rain Industries, HEG, Graphite India, Goa Carbon and Phillips Carbon plunged 5 percent.
After earnings, Waterbase, MOIL, Panacea Biotec and Cox & Kings gained 4-6 percent while Corporation Bank, Indiabulls Real, CEAT and JK Tyre lost 1-5 percent.
Share price of Indiabulls Housing Finance advanced 2 percent in morning on the back partial stake sale in OakNorth Bank.
The company has sold 1/3 of its stake (around 10 percent) in OakNorth Bank to Government of Singapore owned investment arm GIC for Rs 770 crore.
The company had invested Rs 663 crore in November 2015 for a 40 percent stake in the bank.
India's largest drug maker Sun Pharma share price fell 2 percent after earnings.
The company reported 59 percent decline in net profit to Rs 912.1 crore in the second quarter ended September as the company faces pricing pressure in US generics market.
The company was benefited last year by an extending limited competition for generic blood cancer drug imatinib in US market.
The rupee edged up 8 paise to 65.34 against the dollar in morning today on fresh selling of the US currency by exporters.
Forex dealers said fresh inflow of foreign funds and weakness in the dollar against other currencies overseas supported the rupee.
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