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Markets opens on a negative note, OMC stocks in focus

OMC stocks have taken a hit on the back of higher crude oil prices.

Benchmark indices opened in the red due to weak global cues. OMC stocks have taken a hit because of higher crude oil prices.

Indian equities are witnessing selling pressure in the morning trade, as crude hits fresh 3 1/2-year high following US President Donald Trump’s decision to pull out of an international nuclear deal with Iran, sparking concerns about global oil supplies.

The Sensex is down 48.69 points or 0.14% at 35,167.63, and the Nifty is down 16.30 points or 0.15% at 10,701.50.

In the broader market, the BSE Midcap was marginally lower by 0.16%, while the BSE Smallcap was marginally up by 0.17%.

Hindalco (+3.81%), HCL Tech (+1.98%), Vedanta (+1.80%), Infratel (+1.56%), Tech M (+1.48%) were the top gainers on the NSE.

HPCL (-4.54%), BPCL (-3.31%), IOC (-2.82%), ICICI Bank (-1.45%), SBI (-0.86%) were the top losers on the NSE.

Out of 2,021 stocks traded on the NSE, 832 advanced, 683 declined and 506 remained unchanged today.

Results to watch out for today includes Eicher Motors, Arvind, Federal Bank, EID Parry, Jubilant Life, JSPL, Parag Milk Foods, Dhampur Sugar, Hikal.

Rupee opened weaker at 67.34 per dollar as against Tuesday’s close of 67.07 per dollar.

On the global front, US markets managed to close on a flat note after initially trading in the red yesterday. The Dow inched up 2.89 points to 24,360.21, the Nasdaq crept up 1.69 points to 7,266.90, while the S&P 500 closed 0.71 points lower at 2,671.92.

Lackluster trading was witnessed following Trump’s controversial but widely expected decision to withdraw from an international agreement intended to limit Iran’s nuclear program.

European markets also ended on a flat note but with a negative bias with FTSE closing 0.02% lower, CAC was down 0.17%, while the DAX ended 0.28% lower.