Sensex Drops Below 52000 On Mixed Global Cues

Indian indices tracking mixed global cues started on a muted noted after hitting fresh highs in the previous session. At the start, Nifty was at 15260, while Sensex went below 52000 to trade at 51972. Broader markets continued to outperform the headline indices.

Stock of Nestles India will be in focus after its Q3 results which reported a jump in its e-commerce sale during the review period. The company follows January- December as the financial year.

IndusInd Bank's promoter has completed its capital raising move via rights issue and this was oversubscribed by shareholders.

Sectorally, there has been traction in the media, PSU Bank and realty pack, led by gains of up to 1 percent on Nifty PSU Bank.

Meanwhile, oil retreated lower on gains in the dollar and also Texas supplies continue to weigh.

Banking and metal pack shall yet in focus once again after they gained immensely in the previous day's trade. In the PSU Bank, there was seen traction in the pack with gains of up to 20% in stocks like Bank of Mahararashtra. There was no counter in the red within the pack in the pre-opening.

Gold prices on the other hand declined to hit a near 2-week low as there was seen resilience in dollar index which has moved higher.

In the Asian markets, Japan's Nikkei was down in trade by close to 0.9 percent at the time of writing this report.

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