Nifty Lower As Global Cues Weak On Crude Sell-Off

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Benchmark indices opened the day lower in trade, as crude prices dropped, following a sell-off across global markets.

Nifty Lower As Global Cues Weak On Crude Sell-Off
A surprising jump in the stock piles of crude in the US, dragged oil prices lower and with it the US markets.

In fact, the US markets pulled from record highs. The Japanese Nikkei, the Singapore Strait Times and the Korean Kospi were all trading lower.

The Sensex was trading lower by 63 points, while the Nifty was down 22 points in early trade. This comes after the sharp sell-off seen on Wednesday, following heavy selling from domestic institutions.

Shares in Bank of Baroda dropped sharply after non performing assets at the bank continued to slide. The gross NPAs were over 11 per cent at 11.15 per cent as on June 30, 2016. The stock dropped 5 per cent in trade.

Most of the other PSU banking stocks dropped lower, following the Bank of Baroda results. Punjab National bank saw its shares fall 2 per cent, while Bank of India and Canara Bank were the other losers in trade.

Bharat Heavy, Axis Bank and Coal India were the early gainers from the Nifty space. Meanwhile, the rupee opened at 66.86 against the US dollar.

GoodReturns.in

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