Stock Market Open Lower on Based Selling

Sensex, Nifty fall further; NMDC plunges, Tata Steel gains

The market opened volatile on first day of the week. The Sensex fell 58.74 points to 28383.36 and the Nifty declined 26.15 points to 8579.85. About 506 shares have advanced, 532 shares declined, and 115 shares are unchanged on the BSE.

NMDC topped the selling list, down 4 percent after CLSA has a sell rating on the stock and sees more downside to the stock. Larsen & Toubro, Bharti Airtel, TCS, M&M, Sesa Sterlite, Idea Cellular, IndusInd Bank, Kotak Mahindra Bank and Ambuja Cements declined 0.5-1.5 percent. Reliance Industries also declined marginally despite strong earnings. The run up in stock in previous few sessions might have discounted strong earnings. Reliance Industries delivered its best ever quarterly performance with its profits rising over 22 percent sequentially. The company’s gross refining margins (GRMs) are at a 2-year high and that offsets weakness in other segments.

However, Sun Pharma, NTPC, Tata Steel, Hindalco, GAIL and Lupin gained 0.5-1.5 percent.

 The Indian rupee slipped in the early trade on Monday. It has opened lower by 18 paise at 62.54 per dollar versus 62.36 Friday.
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