Sensex, Nifty Open Lower On Weak Global Cues
(RTTNews) - Indian shares opened lower on Monday amid weak global cues and ahead of industrial production and retail inflation readings due later in the day.
Global sentiment soured after a measure of U.S. consumer sentiment exceeded expectations in December and producer price data for November indicated that inflation is stickier than most assume, complicating the Fed's task to slow the pace of its rapid interest-rate hikes.
The benchmark S&P BSE Sensex dropped 206 points, or 0.3 percent, to 61,975 in early trade, while the broader NSE Nifty index was down 68 points, or 0.4 percent, at 18,428.
Among the prominent decliners, Bajaj Finance, JSW Steel, Titan, Asian Paints and Eicher Motors fell 1-2 percent.
IT stocks extended Friday's losses, with Infosys falling over 1 percent.
Jaiprakash Associates jumped 10 percent on news that the company is mulling over sale of its Nilgrie cement unit in Madhya Pradesh.
Glenmark Pharmaceuticals tumbled 3.4 percent after receiving a warning letter from the U.S. health regulator for its Goa-based facility for manufacturing lapses.
ONGC slipped half a percent as Brent crude futures extended declines in Asian trade after falling about 11 percent in the previous week on worries about fuel demand.
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