Indian shares opened lower on Monday, tracking weak global cues on concerns about turmoil in the U.S. banking sector and an impending recession.
The benchmark S&P BSE Sensex was down 493 points, or 0.9 percent, at 57,497 in early trade, while the broader NSE Nifty index was down 143 points, or 0.8 percent, at 16,956.
Adani Enterprises tumbled 3.4 percent after suspending work on a Rs. 34,900 crore petrochemical project at Mundra in Gujarat.
Hindalco, HDFC Life, Tech Mahindra and Mahindra & Mahindra all fell around 2 percent while Dr Reddy’s Laboratories and BPCL rose over 1 percent each.
IndusInd Bank declined 1.6 percent after hiking interest rates on fixed deposits.
Wipro fell about 1 percent on news it has laid off at least 120 employees in the United States due to a “realignment of business needs”.
Market Analysis
Sensex, Nifty Open Lower On Weak Global Cues
2023-03-20 04:21:40
