Live: Sensex, Nifty open lower, Tata Steel shares rise over 2%

By Selene 0

Mumbai: The BSE Sensex opens slightly lower on Wednesday, a day after hitting its record high. The NSE’s Nifty50, too, edged downward in the opening hours. The Indian rupee opened stronger against the US dollar. The shares of Tata Steel and Sobha Ltd rise, while banking stocks fall.

9.30am: BSE Sensex trades lower by 26 points, or 0.09%, to 30,557, while the Nifty 50 falls 11 points, or 0.12%, to 9,501. Here are the latest updates

9.25am: Tata Steel Ltd rose 2.4% to Rs468 after the company posted better then expected earnings. The company reported a surprise March quarter consolidated loss of Rs1,168 crore as it took a one-time charge related to the closure of its British pension scheme. The steelmaker said its UK arm was close to resolving pension issues, which brings the unit a step closer to a potential merger with ThyssenKrupp AG .

9.23am: Sobha Ltd rose 7.8% to Rs444.05 after the company reported 70.3% increase in its net profit in March quarter to Rs47 crore against Rs27.60 crore a year ago.

9.20am: Banking stocks trade lower. Andhra Bank fell 4.5%, PNB 3.2%, J&K Bank 1.4%, Karnataka Bank 1.2%, Bank of Baroda 1.1%, Canara Bank 1%, Uco Bank 1%, Kotak Mahindra Bank 1%, Allahabad Bank 0.8%, Dena Bank 0.8%, Central Bank of India 0.8%.

9.15am: The rupee opened at 64.02 a dollar and touched a high of 63.99, a level last seen on 27 April. At 9.15am, the rupee was trading at 64.05 a dollar, up 0.04% from its Tuesday’s close of 64.08.

9.10am: The 10-year bond yield was trading at 6.668% compared to its previous close of 6.669%. Bond yields and prices move in opposite directions.

9.05am: Asian currencies were trading mixed. Japanese yen was up 0.58%, Malaysian ringgit 0.13% and Singapore dollar 0.08%. However, South Korean won was down 0.22%, Taiwan dollar 0.07% and Indonesian rupiah 0.04%.

9.00am: US stock markets closed slightly lower after subdued trading. S&P 500 at 2,400 is down 0.07%. Asian markets opened mixed. According to Bloomberg, growing concerns about the US President Donald Trump’s administration is weighing on the risk appetite.

First Published: Wed, May 17 2017. 09 42 AM IST

Source: Livemint.com