Shares of Indian Oil Corporation rose 2 percent on Monday morning as investors bet on the stock ahead of buyback announcement on December 13, 2018.
Market Update Equity benchmarks have extended their losses, with the Sensex plunging 600 point slower. The Nifty is testing 10,500.
The Sensex is down 600.31 points or 1.68% at 35072.94, and the Nifty down 190.20 points or 1.78% at 10503.50. The market breadth was negative as 267 shares advanced, against a decline of 1396 shares, while 65 shares were unchanged.
BOND ALERT | The 10-year government bond yield has opened at 7.49 percent against previous close of 7.46 percent.
IOC buyback: Shares of Indian Oil Corporation (IOC) gained 2 percent in the early trade on Monday as company is going to consider buyback of its equity shares.
The board meeting of the company is scheduled on December 13 to consider and approve the buyback of the fully paid-up equity shares of the company of face value of Rs 10 each. The board will also consider declaration of interim dividend on the equity shares of the company for the Financial Year 2018-1
Tech stocks rise Shares of tech majors such as TCS as well as Tech Mahindra are surging in trade on the back of a weak rupee.
Market opens Equity benchmarks have plunged over a percent in morning trade, with the Nifty giving up 10,550 in opening. Exit poll results as well as weak global cues could have weighed on indices.
The Sensex is down 502.05 points or 1.41% at 35171.20, while the Nifty was down 156.60 points or 1.46% at 10537.10. The market breadth was negative as 116 shares advanced, against a decline of 465 shares, while 33 shares are unchanged.
Selling was visible across all sectors, with metals, infrastructure, automobiles, banks and pharmaceuticals being the top losers. The Nifty Midcap index is down around 2 percent.
Shares of Adani Ports, M&M, and Indiabulls Housing lost the most, while TCS was the sole gainer.
Rupee update The Indian rupee slipped in the early trade on Monday. It opened lower by 54 paise at 71.34 per dollar against previous close 70.80.
Market at pre-open The Nifty has given up 10,600 in pre-opening trade. The Sensex is down 350 points.
The Sensex is down 347.00 points or 0.97% at 35326.25, and the Nifty down 151.60 points or 1.42% at 10542.10.
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Source: Moneycontrol
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