Nifty slips below 11,300, Sensex down 100 pts at the onset

Indian indices lose moss as Monday bulls recede on Tuesday

Mumbai.

After closing at record highs in Monday’s trade the benchmarks indices opened lower on Tuesday, with the Nifty trading below 11,300 mark and Sensex below 37,400.

The Sensex is down 100.14 points at 37394.26, and the Nifty down 27.30 points at 11292.20. About 459 shares have advanced, 379 shares declined, and 65 shares are unchanged.

Axis Bank, Tech Mahindra, ONGC, Lupin, Power Grid, Dr Reddy’s Laboratories are up 0.5-1 percent, while HDFC, ICICI Bank, Adani Port, L&T, Tata Steel are among the major losers.

Avenue Supermart gained 3 percent after reporting stellar June quarter numbers.

Rupee opens:

The Indian rupee opened marginally lower at 68.70 per dollar on Tuesday against previous close 68.67.

The dollar-rupee August contract on the NSE was at 68.88 in the previous session. August contract open interest increased 3.91% in the previous day, said ICICIdirect.

We expect the USD-INR to meet supply pressure at higher levels. Utilise upsides in the pair to initiate short positions, it added.

Market at pre-open:

Pre-opening trends suggest that the Sensex and Nifty are likely to have flat start, with the Nifty trading above 11,300-mark.

The Sensex up 53.09 points at 37547.49, and the Nifty down 2.20 points at 11317.30.

Axis Bank, Avenue Supermart are higher, while Idea and Interglobe Aviation are lower in pre-opening trade.

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