Indices Open Lower On Weak Global Cues, RIL Top Gainer

On subdued Asian markets due to worsening Covid 19 condition and no progress on Brexit talks, Indian indices started on a weak note after seven consecutive weeks of gains. Nifty at the start of the new trading week was down 0.5% or 68 points at 13689, while Sensex inched lower by 208 points or 0.44% at 46751.

In early trade, top Nifty gainers have been Reliance, Larsen, Hero Motocorp, Sun Pharma and TCS, while laggards include Tata Motors, Hindalco, GAIL, HDFC and Axis Bank.

PSU Banks will be in focus after the CII has asked the government to consider establishing "multiple bad banks" for tackling the issue of increasing NPAs which has worsened further amid Covid 19 led disruption.

Shares of RIL traded with gains of over 1% after the oil major has begin production of new gas from the eastern offshore KG-D6 field. RIL and its partner will get just $4.06 per unit even after discovering a higher rate in an open market auction.

Meanwhile, Asian indices were down in trade at the time of writing this copy with Nikkei down 0.58%, Hong Kong's Hang Seng down 0.2% and Straits Times down 0.18%.

Oil prices fell in today's trade below $48 per barrel on concerns Covid 19 virus mutation found out in the U.K. could hasten virus transmission resulting in more lockdowns.

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