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Nifty hovers around 10,350 mark; ONGC stock rises 1.5%

Benchmark indices opened lower today, tracking weakness in most Asian markets and on caution ahead of the release of Jul-Sep GDP data  later this week.

Losses in indices were, however, limited as S&P Global Ratings retained India’s sovereign rating at BBB-, with a stable outlook, a week after Moody’s Investors Service upgraded India’s rating.

At 10:24 AM, BSE Sensex down 47 points to 33,632 and the NSE Nifty50 Index slipped 24 points to 10,366.

The BSE Mid-cap Index and BSE Small-cap Index are trading marginally higher  at 16,935 and 18,053 respectively.

ONGC, UPL, Vedanta, Hindalco and Tech Mahindra gained the most on Nifty50, while HPCL, Infosys, Bharti Airtel, Adani Ports and Sun Pharma were the top losers.

Meanwhile, the Indian rupee opened at 64.71 per dollar against Friday’s close of 64.70.

Some buying was seen in media and realty sectors, while PSU bank, FMCG, IT and metal sectors showed weakness on the NSE.

India VIX rose by 1.35% at 13.69 level.

Out of 1,971 stocks traded on the NSE, 840 advanced, 690 declined, and 441 remained unchanged today.

A total of 50 stocks registered a fresh 52-week high in trade today, while four stocks touched a new 52-week low on the NSE.

Shares of Adani Enterprises fell over 3% after reports said the Labour Party in Queensland, Australia was in a position to regain power, raising doubts over the company’s near $13 bn Carmichael coal mine project.