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Markets Open Lower; IndiaBulls Housing Tanks On Ratings Downgrade
Benchmark indices were trading lower, reacting to cues of Thursday, wherein, Indian markets were closed for a holiday.
The Sensex was trading with losses of 240 points, while the Nifty lost 77 points in trade. Leading the set of losers was IndiaBulls Housing Finance, which was trading lower by 9 per cent, following a ratings downgrade by Moody''s.
Yes Bank shares were up marginally, after the bank raised around Rs 2000 crores, following a QIP at an average price of Rs 83.55.
Reliance Industries fell, after drift higher for two successive days, as investors booked profits in the stock. The stock had rallied nearly 12 per cent following reports of the company planning to be debt free in 18 months or so.
Shares in IDBI Bank fell 9 per cent, after the bank reported a Loss at Rs 3,800.84 crore for the quarter ending June 30, 2019, against loss at Rs 2,409.89 crore. The Banks shares were down 9 per cent in trade.
Shares in Zee Learn gained 3 per cent, following net profits that were higher. Meanwhile, most Asian markets were trading higher led by gains in the Japanese Nikkei and the Hong Kong's Hang Sang. Meanwhile, the S&P Futures was also pointed to a higher opening, which led to gains across Asia.
