Sensex opens lower, Nifty remains at 11,000 mark, IOC gains after stellar Q3 performance

Key indices on Wednesday opened lower over weak global cues. The benchmark BSE sensex opened lower around 25.75 points or 0.07% at 36,007.98, while the Nifty was down 9.90 points or 0.09% at 11039.80. 

At 9:48 AM, Nifty was down with 6.30 points at 11,043.35, while Sensex was at 35,973.68. 

After Q3's stellar performance, Indian Oil Corporation (IOC) gained 3 per cent intraday. Bharti Airtel was also among the early gainers. 

Meanwhile, the rupee weakened by 9 paise to trade at 63.67 against the US dollar in opening session at the interbank foreign exchange today amid the dollar's gains in global markets.

Forex dealers said increased month-end demand from banks and importers and a weak opening in the domestic equity markets weighed on the domestic unit.

Yesterday, the rupee had ended lower by 3 paise at 63.58, halting its three-day rally even as the Economic Survey printed a rosy picture of India's macroeconomic outlook.

At Asian front, stocks pulled further back from record highs on Wednesday as the recent rise in global bond yields weighed on equities, while the dollar steadied ahead of the Federal Reserve's policy decision.

In his first State of the Union address since becoming US President, Donald Trump urged Republicans and Democrats to work toward compromises on immigration and infrastructure and implement legislation that generates at least $1.5 trillion for new infrastructure investment. Market reaction to the address was limited.

MSCI's broadest index of Asia-Pacific shares outside Japan added to the previous day's losses and dipped 0.2 per cent, after reaching a record high on Monday.

South Korea's KOSPI rose 0.3 per cent and Japan's Nikkei dropped 0.1 per cent.

Hong Kong's Hang Seng shed 0.55 per cent Shanghai retreated 0.6 per cent.

Wall Street, which has recently hit a succession of record peaks, has led a global equities rally over the past year thanks to strong world growth fuelling higher corporate earnings and stock valuations.

(With inputs from agencies)