Sensex plunges 200 points in early trade; IDBI Bank in focus

At 0919 hours BSE Sensex was trading at 31,635.17, down 174.38 points or 0.55%, while NSE Nifty was trading at 9,889.60, down 62.60 points or 0.63%.

BSE building in Mumbai. Photo: IANS

Domestic markets on Wednesday opened in red as geo-political tension continued. At 0919 hours BSE Sensex was trading at 31,635.17, down 174.38 points or 0.55%, while NSE Nifty was trading at 9,889.60, down 62.60 points or 0.63%.

On 30-share benchmark, Hindustan Unilever (0.35%), Wipro (0.13%) and NTPC (0.06%). Among top losers were Sun Pharma (-2.64%), Tata Motors (-1.71%), Dr Reddy's Lab (-1.14%), Adani Ports (-0.90%) and HDFC Bank (-0.84%).

Motilal Oswal in its daily market outlook report said, "Microfinance companies in the NBFC space will continue to see interest on back of improvement in collections and normalisation of business. Global cues are negative with US markets closing lower by a percent. Asia is trading marginally lower and India could open lower on back of the same but underlying bias remains positive. Sectors like financials, banks, cement could continue to see buying interest."

Shares of IDBI Bank will be in focus after the bank on Tuesday sought to recover dues from Jaypee Infratech as it urged Supreme Court to lift the stay order on insolvency proceedings.

Moreover, the initial public offering (IPO) for Bharat Road Networks and Dixon Technologies will open today.

On global markets front, according to Reuters report Asian stocks tracked Wall Street`s slide overnight to slip while the dollar was on the defensive with tensions in the Korean Peninsula showing little signs of abating. MSCI`s broadest index of Asia-Pacific shares outside Japan dipped 0.15%. Japan`s Nikkei shed 0.55%

TAGS: