Markets Open The Week Lower; Bank Stocks Mixed

Business

oi-Sunil Fernandes

By Sunil Fernandes

Published: Tuesday, August 16, 2016, 9:31 [IST]

Benchmark indices opened the day lower, even as most Asian markets were trading down, despite the Wall Street hitting record highs in trade once again.

The Japanese Nikkei was lower as the Japanese yen gained against the dollar. Elsewhere in Asia, the Korean Kospi was flat, and opened for trading after a public holiday on Monday.

The Sensex was trading with losses of 10 points, while the Nifty dropped 12 points in trade. Infosys was the top loser in trade, and was down 2 per cent, after reports that the Royal Bank of Scotland (RBS) had canceled a major contract that may impact revenues for the year by about $40 million.

Sun Pharma was trading marginally lower despite the company reporting a good set of quarterly numbers for June 30, 2016. Bank Of Maharashtra, which reported a poor set of quarterly numbers with losses mounting, saw a sharp slide of almost 3.5 per cent in its share price.

State Bank of India, which saw a superb rally in trade on Friday, following its Q1 numbers was once again trading higher. India's largest lender had seen slippages falling dramatically.

Iron ore mining company, NMDC saw a decline of almost 2 per cent in its share price, after net profits at the company dropped.

Meanwhile, the rupee opened at 66.83 to the US dollar.

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