Sensex trades flat, Nifty nears 10,700 ahead of OPEC meet; RIL top loser
IDBI Bank share price jumped over 5 per cent to log its biggest intraday percentage gain since June 7 on reports the government is looking to sell stakes in the lender. The stock rallied as much as 5.35 per cent to Rs 61 on the BSE. The government is considering to divest 40-43 per cent stake in IDBI Bank to Life Insurance Corporation of India, potentially yielding it Rs 10,000-11,000 crore, news agency NewsRise reported, citing an unnamed Finance Ministry official.
The Sensex and Nifty are expected to extend losses on Friday after Asian shares came under pressure on signs US trade battles with China and many other countries are starting to chip away at corporate profits, with oil prices choppy ahead of major producers meeting to discuss raising output. At 8:50 am, SGX Nifty was trading at 10,713, down 20 points or 0.19 per cent.
The Sensex and Nifty pared all gains to end lower on Thursday, dragged by index heavyweights such as ITC and Larsen & Toubro, as caution prevailed amid lingering concerns over the ongoing trade war between the United States and China. The Sensex ended at 35,432, down 114.94 points, while the broader Nifty50 settled at 10,741, down 30.95 points. The BSE Midcap slipped 0.5 per cent, while the BSE Smallcap index dipped 0.8 per cent.