Sensex, Nifty trade in red; Tata Motors touch new low

BSE Sensex opened 47 points lower at 31,750.73 points and NSE Nifty declined 36 points to open below 9,900 points on Wednesday

The 50-share NSE Nifty managed to hold the 9,800 level but ended at one-month closing low, down 87.80 points or 0.89 percent at 9,820.25 after hitting an intraday low of 9,776.20. Intra-day, it cracked below the 9,900-mark to touch 9,893.05.

The automaker's shares fell as much as 7.2 per cent to their lowest in over a year after the company's 42 per cent rise in June-quarter profit, helped by a one-off gain related to changes to Jaguar Land Rover's pension plans, failed to please investors.

The Sensex, which opened at 31,926.14 points, traded at 31,891.77 points - down 122.42 points, or 0.38 per cent from its previous close at 32,014.19 points. Investors monitored geopolitical tensions surrounding North Korea that hit sentiment across the globe.

The 30-share BSE Sensex was down 266.51 points or 0.84 percent at 31,531.33.

Nifty Bank was down 0.4 per cent.

The BSE market breadth heavily favoured bears - with 2,181 declines and 390 advances. "Back home, investors will keep an eye on any development on the Sebi's decision to restrict trading in 331 shell firms", Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS. In three consecutive sessions, these indices crashed more than 5 percent.

"The indices ended lower led by losses in pharma, auto, and banking stocks".

Eicher Motors dropped 1.5 percent despite reporting a 22 percent increase in Q1 net profit. Other Sensex losers were Dr Reddy's, Sun Pharma, Cipla, SBI, Lupin and PowerGrid, falling up to 4.77 %.

In terms of the broader markets, the S&P BSE mid-cap index declined by 2.64 per cent and the small-cap index by 3.60 per cent.

While rupee surged over 0.150 paisa or 0.23% as against USA dollar trading at 64.055.

Overseas, Asian stocks were trading lower as investors continued to take risks off the table even as American officials tried to ease concerns amid an escalation in tensions between the United States and North Korea.

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