Nifty hovers around 10,500 mark; HDFC Bank, ITC stocks drag

The Nifty50 has again slipped below the 10,500 zone, immediate support is now seen around the 10,475 mark which is the 100-DEMA for the index.

Equity benchmark indices are trading in a negative zone, as losses were led by metal stocks, with the Nifty Metal trading 1.4% lower. The losses were capped as IT shares moved higher after rupee hit fresh 16-month low against the US Dollar.

Shares of SBI jumped 5% to lead the pack of banking stocks, which curbed the downside in the indices.

At 11:07 AM, the BSE Sensex was down 55 points at 35,596, and the Nifty was down 38 points at 10,498.

In the broader market, the BSE Midcap was marginally higher by 0.35%, while the BSE Smallcap was marginally up by 0.32%.

Out of 2,031 stocks traded on the NSE, 937 advanced, 625 declined and 469 remained unchanged today.

SBI (+5%), Cipla (+3%), HCL Tech (+1.4%), Indiabulls HF (+1.3%) and Tata Motors (+1%) were the top gainers on the NSE.

Vedanta (-4%), Dr.Reddy’s (-2.3%), Tata Steel (-1.4%), Hindalco (-1.4%) and Maruti (-1.1%) were the top losers on the NSE.

The Indian rupee fell as much as 0.35% or 24 paise to 68.28, the lowest since Jan 2017, per dollar against yesterday's close of 68.04.

Asian indices opened on a negative note, as markets reacted to the overnight fall in US stocks and the negative rhetoric on North Korea. The fall in oil and US Dollar should cushion the downside, as emerging markets stand to gain against the fall in both.

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