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Equity Benchmarks Fell in Opening Trade Amid Weak Global Cues

On Wednesday, foreign and domestic funds withdrew net equities worth Rs. 357.82 crore and Rs. 791.59 crore respectively, showed provisional NSE data.

Equity benchmarks fell in opening trade today amid weak global cues. The S&P BSE Sensex opened at 35,694.25 and the Nifty50 barometer of the National Stock Exchange (NSE) at 10,718.15, against their last closing levels of 35,884.41 and 10,784.95 respectively.

At 9:17 am, the 30-share Sensex was at 35,671.53, down 212.88 points or 0.59 per cent, and the Nifty50 was at 10,708.55, with a loss of 74.35 points or 0.69 per cent. Forty five out of 50 Nifty stocks were in the red.

<>Trading between 1.87-2.28 per cent lower, the top five Nifty losers were Yes Bank, JSW Steel, Indiabulls Housing Finance, ONGC and Hindalco Industries.

In the sectoral landscape, losses were led by metal stocks (down 1.73 per cent).

In global markets, US stock futures tumbled today and Asian markets followed after Canadian authorities arrested a top executive of Chinese tech giant Huawei Technologies, fanning fears of further tensions between China and the United States, reported .

Japan’s Nikkei slid 0.8 per cent, with benchmark indexes in South Korea and Australia down 0.6 per cent and 0.2 per cent, respectively.

In commodity markets, oil prices fell but trading was tepid ahead of a meeting by producer group Organisation of the Petroleum Exporting Countries (OPEC) that is expected to result in a supply cut aimed at draining a glut that has pulled down crude prices by 30 per cent since October.

US West Texas Intermediate (WTI) crude futures were at $52.66 per barrel at 0140 GMT or 7:10 am IST, down 23 cents, or 0.4 per cent, from their last close. International Brent crude oil futures were down 7 cents, or 0.1 per cent, at $61.49 per barrel, stated .

On Wednesday, foreign and domestic funds withdrew net equities worth Rs. 357.82 crore and Rs. 791.59 crore respectively, showed provisional NSE data.

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