Sensex Opens Lower In Trade; HCL Tech Drops 3%

Business

oi-Sunil Fernandes

The Sensex was trading marginally lower, as global cues were weak in trade.

By Sunil Fernandes

Published: Friday, October 21, 2016, 9:30 [IST]

Benchmark indices opened the day flat, though Asia was trading weak and overnight the Dow Jones closed with losses.

Oil prices also tumbled almost 2 per cent, which led to some selling pressure in the US markets.

The European Central Bank (ECB) meeting was also eagerly awaited and the ECB kept interest rates steady, as was widely expected. Extending the quantitative easing beyond the current deadline of March 2017, was not discussed at the meeting, which led to European stocks falling.

The Sensex was trading with losses of 70 points, while the Nifty lost 20 points in early trade.
Shares in HCL Tech gained as much as 3 per cent, after the company's quarterly numbers beat estimates.

Reliance Industries, which also reported quarterly numbers saw a decline of 0.50 per cent in trade, despite solid performance from its petchem division. Gross refining margins also grew beyond expectations.

Wipro, which is slated to declare results later today, was marginally lower in trade.

Midcap stocks were having a good session in trade, with stocks like Biocon and Mindtree among the gainers.

Meanwhile, the rupee was trading steady at 66.81 to the US dollar, almost little changed over Thursday's close.

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