Sensex Opens Lower As Wall Street Rally Fades

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Benchmark indices opened the day lower as Wall Street snapped a three day rally, after stellar gains following an interest rate hike in the US.

Asian markets were also trading weak following the US sell-off. The Sensex opened the day lower by 20 points, while the Nifty fell 10 points in trade, snapping a 4 day rally.

Sensex Opens Lower As Wall Street Rally Fades
ICICI Bank, Axis Bank and State Bank of India managed to stay resilient in a falling market after the RBI changed lending rate maths for banks. ONGC was trading higher after Oil Minister vowed to protect ONGC's interest with regards to gas flowing into another private sector operator.

HDFC saw some buying interest after reports that Ergo will increase its stake in HDFC Ergo. Tech stocks saw selling pressure after reports that visa fees in the US would be hiked. Infosys, TCS and Tech Mahindra were all trading lower.

Oil exploration companies were trading week after crude oil prices continued to trade near 7 year lows. ONGC and Oil India saw marginal drop in their share prices.

Mid cap stocks also saw some cuts with Hindustan Zinc and JP Associates dropping 2 per cent in trade.

Maruti was trading higher after shareholders approved the company's Gujarat plant. Meanwhile, the rupee was marginally weak at 66.42 to the US Dollar.

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Read more about: sensex, nifty, ongc, reliance, infosys
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