Sensex, Nifty turn negative after starting mildly higher

OMCs, NBFCs take a hit despite SBI clarification on financing

Mumbai.

Market opens Equity benchmarks have turned negative after witnessing a mildly higher start. The Nifty is hovering around 11,100, while the Sensex is down around 50 points lower.

The Sensex is down 50.16 points or 0.14% at 36791.44, while the Nifty is down 18.30 points or 0.16% at 11124.80. The market breadth is negative as 465 shares advanced, against a decline of 554 shares, while 70 shares were unchanged.

ONGC, Infosys, Cipla and Tech Mahindra are the top gainers, while Yes Bank, Maruti, and Bajaj Finance are the top losers.

Oil marketing companies are taking a hit on the back of higher crude oil prices. It is also having a resultant impact on aviation stocks. Buzzing stock: Shares of Usha Martin jumped about 8 percent at open after the company signed an agreement with Tata Steel.

Tata Steel on Saturday said it will acquire Usha Martin’s steel unit, but did not specify the deal amount.

Shares of Usha Martin closed in on 52-week high of Rs 36.40. But the stock cooled off soon after.

DHFL, Indiabulls Housing react mixed The two big newsmakers from Friday, Dewan Housing (DHFL) and Indiabulls Housing are trading mixed. The former is higher by 18 percent, while Indiabulls Housing is down 3 percent at this point.

Financial stocks are also trading lower as negative moves in the NBFC space is hitting other major names as well. Weakness in a stock such as Yes Bank is also impacting this space. The Bank Nifty is currently lower by over half a percent.

On hthe other hand, Aviation stocks are getting hit in trade as higher crude oil prices are weighing on these stocks. Jet Airways and InterGlobe Aviation are down 4 percent, while SpiceJet is lower by a percent.

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