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Indian equity benchmarks opened lower on Wednesday following Asian peers amid the biggest slide in stocks on Wall Street since the mid-October downdraft. The S&P BSE Sensex and the NSE Nifty 50 Index traded nearly 0.7 percent lower at 35,911.83 and 10,789.45, respectively, as of 10:05 a.m.
The market breadth was tilted in favour of sellers. All sectoral gauges declined, led by a 1.74 percent fall in the NSE Nifty Metal Index.
Here Are The Stocks Moving The Market Today
Tata Motors Worst Performer On Nifty, Sensex
Shares of the carmaker snapped its two-day gaining streak and fell as much as 3.2 percent to Rs 170.10 apiece.
Global research firm S&P downgraded Tata Motors-owned Jaguar Land Rover to ‘BB-’ from ‘BB’, according to the credit-rating agency’s press statement. JLR’s bond risk more than quadrupled this year as the automaker faces uncertainty in Europe over its diesel vehicles and Brexit as well as weaker demand in China, Bloomberg reported.
The stock, the worst performer on the Sensex and the Nifty, traded 51.2 percent below the Bloomberg consensus one-year target price.
Jet Airways Gains On Report Of Getting New Investor
Shares of the cash-strapped airline gained as much as 2.8 percent to Rs 311.75 apiece.
Jet Airways would bring on board a new investor in two to three months to help fund the cash-strapped airline, Chief Executive Officer Vinay Dube told the airline’s pilots, Mint reported quoting anonymous sources.
The stock declined 63 percent so far this year compared to a 6.6 percent gain in the BSE Sensex, according to Bloomberg data.
Oil Retailers Jump As Crude Falls To $60 A Barrel
Shares of oil marketing companies gained as Brent crude futures fell 2.1 percent to $60.80 a barrel.
- Indian Oil gained nearly 2 percent to Rs 138.20 apiece.
- Hindustan Petroleum Corporation advanced 1.7 percent to Rs 232 apiece.
- Bharat Petroleum Corporation rose 1.5 percent to Rs 338.65 apiece.
Lupin Swings After Drug Launch
Shares of the drugmaker pared opening gains and fell nearly 2 percent to Rs 870 apiece.
Lupin launched Silodosin Capsules after it received an approval from the U.S. FDA, according to its notification on the bourses. This drug is used for the treatment of benign prostatic hyperplasia.
The stock traded at 33 times its estimated earnings per share for the coming year, according to Bloomberg data.
Kesoram Industries Falls After Board Approves Demerger Of Tyre Business
Shares of the building materials maker declined as much as 4.7 percent to Rs 92.65 apiece.
The board of Kesoram Industries approved the proposal to demerge the tyre business into a new entity, Birla Tyres Ltd. Also, Jan. 1, 2019 has been fixed as the appointment date for the spin-off, according to an exchange filing. Birla Tyres will issue 1:1 equity share to Kesoram Industries at a nominal value of Rs 10 a share.
The stock fell 31 percent so far this year compared to a 9.9 percent gain in the BSE Sensex, Bloomberg data showed.
Kridhan Infra Surges After Bagging New Deal
Shares of the steel producer rose as much as 10.4 percent to Rs 52 apiece.
Kridhan Infra’s arm Vijay Nirman Company received an order worth Rs 105 crore for a highway project in Maharashtra, according to its exchange notification. The company has been mandated to construct bridges for Mumbai-Nagpur Super Communication Expressway.
The trading volume was 16 times the 20-day average for this time of the day, Bloomberg data showed.
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