Sensex, Nifty Move Lower On Fed Worries; ONGC Shares Soar 5%
(RTTNews) - Indian shares opened lower on Monday, tracking weak global markets after new data closely watched by the U.S. Federal Reserve showed that prices continued to rise at a rapid pace in August.
The benchmark S&P BSE Sensex fell 305 points, or half a percent, to 57,121 in early trade, while the broader NSE Nifty index was down 76 points, or half a percent, at 17,018.
Infosys, Titan Company, Nestle India, Kotak Mahindra Bank and Hindalco dropped 1-2 percent in the Nifty pack, while ONGC soared 5.4 percent after the government cut a windfall tax on domestically produced crude oil.
Coal India gained 1.4 percent after it reported 12 percent increase in coal production in September.
Divis Laboratories, Apollo Hospitals and NTPC added 1-2 percent.
SBI was down 0.6 percent after hiking lending rates.
Zydus Lifesciences rallied 2.6 percent. The drug maker has received approval from the U.S. FDA to market Sildenafil in the American market.
63 Moons Technologies jumped 3.2 percent. The Multi Commodity Exchange of India has extended its contract with the company for three months.
Tata Consultancy Services dropped 0.6 percent despite announcing a second interim dividend for the financial year FY23.
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