Nifty hovers around 10,400 amid global weakness; IOC falls 4%
Benchmark indices opened mildly lower, with the Nifty hovering around 10,400 levels, following negative lead from global peers.
The 30-share BSE Sensex was down 54.89 points at 33,780.85 and the 50-share NSE Nifty fell 11.60 points to 10,399.30.
HCL Technologies, Wipro, Tech Mahindra, TCS, Dr Reddy's Labs, Vedanta, Aurobindo Pharma and M&M were gainers in opening.
The rupee depreciated 9 paise to 64.92 against the US dollar on fresh demand for the greenback from importers and banks.
Also, foreign capital outflows amid a lower opening in the equity market weighed on the domestic units.
However, weakness in the US dollar against select currencies on lingering worries of a global trade war limited the fall in rupee,
Yesterday, it had ended higher by 6 paise at 64.83 against the dollar as the American unit weakened against major currencies following US inflation data and Secretary of State Rex Tillerson's exit.
Share price of Havells India rose 1.5 percent as the company signed an agreement with South Korean firm.
The company signed an agreement with South Korean major Hyundai Electric & Energy Systems Co. for manufacturing of magnetic contactor.
Under the agreement, Hyundai Electric will provide technology know-how and grant a license to manufacture and market magnetic contactors under Havells brand.
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