HDFC Bank, HUL, Kotak Bank and ICICI Bankwere the top drags on the Sensex Domestic stock markets started Wednesday's session on a lacklustre note, after three consecutive days of gains in which the benchmark indexes rose more than 3 per cent, amid cautious trade in Asian peers.
The S-P BSE Sensex index fell as much as 114.15 points to 37,527.12 in early trade, reversing direction at least six times following a positive opening.
The broader NSE Nifty benchmark slid to as low as 11,077.80, down 27.55 points from the previous close.
Weakness in financial, automobile and metal stocks hurt the markets, however strength in information technology and pharmaceutical shares provided some support.
Analysts awaited macroeconomic data due this week for direction.
Here are 10 things to know:At 9:41 am, the Sensex traded 43.67 points - or 0.12 per cent - lower at 37,597.60, while the Nifty was up 3.45 points - or 0.03 per cent - at 11,108.80.Top percentage laggards on the 50-scrip index at the time were Indiabulls Housing Finance, Tata Steel, JSWL Steel, Maruti Suzuki and HUL, trading between 1.16 per cent and 2.70per cent lower.On the other hand,Tata Motors, HCL Tech, GAIL, Cipla and Bajaj Auto - trading between 1.61 per cent and 2.53 per cent higher - were the top gainers.Market breadth was positive, with 787 stocks trading higher on the BSE and 656 moving lower.
On the NSE, 848 stocks advanced while 709 declined.HDFC Bank, HUL, Kotak Bank and ICICI Bankwere the top drags on the Sensex.The government is due to release GDP or gross domestic product data for the quarter ended June 30 on Friday evening.According to a poll by news agency Reuters, the economy was expected to have grown 5.7 per cent in the June quarter - its slowest pace in more than five years.Equities in other Asian markets eked out cautious gains, as higher Wall Street futures provided some relief after an overnight US selloff, though deeper worries about the global economy and trade have kept a lid on sentiment.MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.06 per cent, dragged lower by Chinese markets.
Japan's Nikkei rose 0.15 per cent, Australia's shares climbed 0.13 per cent while Korea's KOSPI was up 0.4 per cent.A trade dispute between the US and China is now in its second year and is placing increasing strain on the global economy, forcing policy makers to respond with interest rate cuts and stimulus measures to bolster growth.The Sensex had climbed 1,168.34 points - or 3.20 per cent - and the Nifty risen 364.00 points - or3.39 per cent - in the past three sessions.(With inputs from Reuters)Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com.
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