Opening Bell – Markets open in red; Healthcare stocks plunge
At 9:15 AM, the BSE Sensex opened lower by 25 points at 29395, while the Nifty50 opened lower by 14 points at the 9093 mark.
ICICI Bank is the top Nifty gainer and Aurobindo Pharma is the top Nifty loser in the morning hours on Monday. ICICI Bank is trading higher by 0.3% at Rs 275 per share whereas Aurobindo Pharma is trading lower by 2.5% at Rs 671 per share.
There are 754 advances, 586 declines and 430 unchanged stocks on NSE reflecting fairly positive bias floating in the market.
Nifty50 needs to sustain above the level of 9,170 to continue its upward movement. If it does, it is likely to scale up to levels of 9,220-9,300. On the downside, the level of 9,060 is an immediate support for Nifty50 and the next support is placed around the level of 9,000.
The rupee opened at 65.28 per dollar higher by 14 paise.
The US stocks closed mostly lower, with major indices posting the biggest weekly losses in months, after House Republican pulled a controversial Healthcare bill from consideration as they did not have enough vote to pass the bill. The Dow Jones Industrial Average slid 60 points to 20,597. The S&P index closed 2 points lower at 2,344. The Nasdaq Composite ended with marginal gains of 11 points.
Majority of Asian markets are trading in the negative terrain on Monday. Japan’s Nikkei 225 has declined about 300 points. Hang Seng is trading flat with negative bias and Shanghai Composite has gained 8 points.