Markets open in red over global cues; Sun Pharma falls 2.50%, IDBI to remain in focus
The domestic market on Wednesday opened in red as tensions escalated between North Korea and US over the nuclear test. Amidst the heightened worries, investors stayed away from risky assets leading to a downhill fall of global markets.
The domestic market on Wednesday opened in red as tensions escalated between North Korea and US over the nuclear test. Amidst the heightened worries, investors stayed away from risky assets leading to a downhill fall of global markets.
The benchmark BSE Sensex fell 223.02 points, or 0.70 per cent, to 31,586.53 in early trade today.
At 9:27 am, the Sensex was down 155 points or 0.49% at 31,653 level. The Nifty too was down 0.5% or 48 points at 9904 level. Sun Pharma (2.21%) was the top loser on the BSE followed by Oberoi Realty (2.15%) on the BSE.
Shares of IDBI Bank will be in spotlight today after the bank on Tuesday sought to recover dues from Jaypee Infratech as it urged the Supreme Court to lift the stay order on insolvency proceedings.
Meanwhile, the initial public offering (IPO) for Bharat Road Networks and Dixon Technologies will open today.
Asian stocks on Wednesday tracked Wall Street’s slide overnight while the dollar was on the defensive with tensions in the Korean Peninsula showing few signs of abating.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.7%
Japan’s Nikkei stooped to a four-month low and was last down 0.3% . Australian stocks lost 0.6 percent.
Shanghai dropped 0.4% while Hong Kong’s Hang Seng retreated 1%.
South Korea’s KOSPI was down 0.3%, with auto stocks dropping on concerns about their sales in China. The index has fallen the past four days.
Shares in South Korea are “still closely eyeing further risks from the North,” said Rhoo Yong-seok, a stock analyst at KB Securities in Seoul.
(With inputs from Agencies)