Sensex, Nifty Open Lower On Geopolitical Tensions; Metal Stocks Rally On China Stimulus
(RTTNews) - Indian shares opened notably lower on Monday amid mixed global cues and signs of escalating geopolitical tensions involving Israel, Lebanon, and Iran.
The benchmark S&P/BSE Sensex was down 692 points, or 0.8 percent, at 84,879 in early trade while the broader NSE Nifty index was down 202 points, or 0.8 percent, at 25,976.
Among the prominent losers, private sector banks such as ICICI Bank and Axis Bank fell around 2 percent each.
PSU stocks were also coming under selling pressure, with Coal India and BEL falling more than 2 percent.
Hero MotoCorp, Bajaj Auto, Tata Motors and Maruti Suzuki India dropped 1-3 percent before unveiling their September sales figures.
Metal stocks traded higher after three of China's largest cities relaxed rules for homebuyers and China's central bank revised the mortgage rate pricing mechanism to ease financial pressure on homeowners.
Tata Steel, JSW Steel and Hindalco were up between 1.6 percent and 2 percent.
Reliance Infrastructure gained 1.3 percent after the Calcutta High Court ordered the release of a Rs 600 crore bank guarantee submitted by the company.
Biocon fell nearly 2 percent after the U.S. health regulator issued four observations for its Bengaluru API facility.
Punjab National Bank declined 1 percent after raising Rs. 5,000 crores via a QIP placement to institutional investors.
Welspun Enterprises rose about 1 percent after it was declared the lowest bidder for a Rs. 1,989.9 crore project from Brihanmumbai Municipal Corporation.
REC gave up 1.5 percent after raising $500 million through green dollar bonds.
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