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Sensex, Nifty Open Lower On Weak Global Cues
(RTTNews) - Indian shares opened on a tepid note Wednesday, tracking weak cues from Asia and a decline in U.S. stock futures after Fitch downgraded the U.S. government's credit rating from AAA to AA+, citing a steady deterioration in standards of governance.
The benchmark S&P BSE Sensex was down 332 points, or half a percent, at 66,127 in early trade, while the broader NSE Nifty index was down 99 points, or half a percent at 19,634.
Hero MotoCorp, Hindalco, Tata Consumer Products, Divis Laboratories and Tata Steel fell 1-2 percent in the Nifty pack while Coal India and Adani Group stocks such as Adani Ports and Adani Transmission were seeing modest gains.
Ambuja Cements rose 0.6 percent on reports that it is all set to acquire a majority stake in operations of Sanghi Industries.
Adani Total Gas gained 0.9 percent on reporting 9 percent growth in Q1 profit. Cholamandalam Investment fell nearly 2 percent despite reporting a 28 percent rise in quarterly profit.
DLF dropped 1.4 percent after one of its top shareholders, Kushal Pal Singh, sold 14.5 million shares in the company.
Ashok Leyland gained half a percent after reporting 12 percent growth in domestic sales in July.
TVS Motor Company rallied 1.4 percent on reporting a 4 percent rise in sales in July.
Titan Company edged down slightly ahead of its earnings release.
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