Sensex, Nifty trade lower ahead of August F&O expiry

Selling pressure was witnessed in Nifty PSU Bank, which declined 0.56%, followed by auto and financial services.

Aug 30, 2018 04:08 IST India Infoline News Service

Bombay Stock Exchange Building
Equity benchmark indices opened on a flat note, ahead of the expiry of August F&O contracts. The Indian rupee fell to a record low of 70.8125 against the dollar, after opening lower at 70.63.

Selling pressure was witnessed in Nifty PSU Bank, which declined 0.56%, followed by auto and financial services.

Sensex was trading down 39 points at 38,684 levels, while Nifty 50 was trading below 11,700 mark, down 18 points.

Shares of oil marketing companies were under pressure as a depreciated rupee means higher import costs. IOC dropped nearly a percent, HPCL slipped by 2%, and BPCL was lower at 0.44%.

On the other hand, Asian stock markets advanced today on the back of Wall Street hitting record highs in the hope that the current NAFTA negotiations will lead to a further easing of global trade tensions.

Moreover, Laurus Labs' stock advanced 2%. This was mainly attributed to the company's announcement that it had received an approval from USFDA for Metformin Hydrochloride Tablets USP 500mg, 850mg and 1000mg, which are used for treating diabetes.

Meanwhile, Greaves Cotton's stock jumped 11% as the company's board of directors approved the proposal of investing in Ampere Vehicles.

The market breadth on the NSE was largely flat, with 883 shares advancing, 708 shares declining, and 471 shares remaining unchanged.

The top gainers were Bharti Airtel (+2%), UPL (+1.7%), Power Grid (+1.6%), Tata Steel (+1.5%) and ITC (+1.5%), while HPCL (-2%), IOC (-1.5%), Axis Bank, RIL and HCL Tech (-1%) showed weakness on the NSE.

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